News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Circulars »
 DCIT, Circle 25(1), New Delhi Vs. Smt. Usha Rani Talla, B-5, Near Durga Mandir, Moti Nagar, New Delhi
 Exim Bank's Government of India supported Line of Credit of USD 11.13 million to the Government of the Republic of Suriname
 Implementation of Section 51A of UAPA, 1967 - Removal of two entries from 1267 List
 Notification No. 10/2020 Central Board Of Direct Taxes
 Address by Hon’ble President of India at NIBM Golden Jubilee Celebrations
  Finance Minister addresses the Central Board of Directors of Reserve Bank of India
 Use permanent address for filing income tax returna
 Notification No. 09/2020 Central Board Of Direct Taxesa
 Incentivising Bank Credit to Specific Sectors – Exemption from CRR Maintenance
 Guidelines on Merchant Acquiring Business – Regional Rural Banks
 RBI reopens allotment of investment limit under the revised Voluntary Retention Route (VRR) for Investments by Foreign Portfolio Investors (FPIs)

RBI imposes penalty on The United Co-operative Bank Ltd., Bagnan Station Road(North), PO- Bagnan, Dist- Howrah, West Bengal
May, 16th 2018

The Reserve Bank of India has imposed on April 19,2018, a monetary penalty of 5.00 lakh (Rupees Five Lakh) on United Co-operative Bank Ltd., Bagnan Station Road(North), PO- Bagnan, District- Howrah, West Bengal, in exercise of the powers vested in it under the provisions of Section 47A (1) (a) and (c) read with Section 46 (2) and (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violations/ non-adherence of

{Ad}

  1. RBI directives/ guidelines as mentioned in Master Circular on Area of Operation, Branch Authorisation Policy, Opening/ Up-gradation of Extension Counters, ATMs and Shifting/Splitting/Closure of Offices dated July 1, 2015, and

  2. Section 35(2) of the Banking Regulation Act, 1949 (AACS).

The Reserve Bank of India had issued a Show Cause Notice to the bank based on the findings of the inspection of the bank as on March 31, 2016, in response to which the bank submitted its reply and made personal submission to the Committee of Senior Officers, headed by Regional Director, RBI, Kolkata. After considering the facts of the case, the bank’s reply and oral submission made to the Committee of Senior Officers in the matter, the Reserve Bank came to the conclusion that the aforesaid charges of the violations were substantiated and warranted imposition of the monetary penalty.

Ajit Prasad
Assistant Adviser

Press Release : 2017-2018/3013

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting