The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs. 1 lakh (Rupees One Lakh only) on Poornawadi Nagarik Sahakari Bank Maryadit Beed, Maharashtra for non-compliance with certain directions issued by RBI on Management of Advances - UCBs and Know Your Customer (KYC).
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| RBI Imposes Rs 1 lakh Penalty on Poornawadi Nagarik Sahakari Bank |
RBI Imposes ₹1 lakh Penalty on Poornawadi Nagarik Sahakari Bank
The Reserve Bank of India (RBl) has imposed a monetary penalty of ₹1 lakh on Poornawadi Nagarik Sahakari Bank Maryadit Beed, Maharashtra for non-compliance with certain directions issued by RBI on Management of Advances - UCBs and Know Your Customer (KYC).
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This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Apart from this, the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2 lakh on Ratanchand Shah Sahakari Bank Mangalwedha, Maharashtra.
RBI Imposes Penalty on Poornawadi Nagarik Sahakari Bank: Background
The Statutory Inspections for Supervisory Evaluation of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024.
RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty.
- The bank had sanctioned certain gold loans in excess of the prescribed ceiling of Loan to Value (LTV) ratio.
- The bank had failed to upload the KYC records of certain customers onto the Central KYC Records Registry (CKYCR) within the prescribed time.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
About Poornawadi Nagarik Sahakari Bank
Poornawadi Nagarik Sahakari Bank was inaugurated on 23rd February 1985. The headquarter of the bank is located at Subhash Road, Maliwas Beed Maharashtra. Total branches of the bank are 25 and services provided by the bank are ATM/POS/Ecom, IMPS/RTGS/NEFT, ECS/NACH/CTS, UPI, Mobile Banking and Business/Vehicle/Home/Salary Loan.
Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Sanjay Malhotra. He replaced Shaktikanta Das as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
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Static Current Affairs related to RBI for upcoming exams
- Establishment: 1 April 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Sanjay Malhotra
- Deputy Governor: Swaminathan J, M. Rajeshwar Rao, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to Poornawadi Nagarik Sahakari Bank for upcoming exams
- Formation: 23rd February 1985
- Executive Chairman: Dr. Arun Govindrao Nirantar
- Founder: Dr.Shree Parnerkar Maharaj
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