The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs. 14.30 lakh (Rupees Fourteen Lakh Thirty Thousand only) on Shree Kadi Nagarik Sahakari Bank Limited District Mehsana, Gujarat for non-compliance with the certain directions issued by RBI on Donations to Trusts and Institutions where Directors, their relatives hold position or are interested and Management of Advances - UCBs.
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| RBI Imposes Rs 14.3 lakh Penalty on Shree Kadi Nagarik Sahakari Bank |
RBI Imposes ₹14.3 lakh Penalty on Shree Kadi Nagarik Sahakari Bank
The Reserve Bank of India (RBl) has imposed a monetary penalty of ₹14.30 lakh (Rupees Fourteen Lakh Thirty Thousand only) on Shree Kadi Nagarik Sahakari Bank Limited District Mehsana, Gujarat for non-compliance with the certain directions issued by RBI on Donations to Trusts and Institutions where Directors their relatives hold position or are interested and Management of Advances - UCBs.
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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 ₹50,000/- on Saibaba Nagari Sahakari Bank Maryadit, Sailu, Maharashtra.
RBI Imposes Penalty on Shree Kadi Nagarik Sahakari Bank: Background
The statutory inspection 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 donated a certain amount to a trust in which the bank’s director’s relative was interested.
- The bank had failed to ensure end-use of funds with respect to certain loans sanctioned by it.
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 Shree Kadi Nagarik Sahakari Bank
Shree Kadi Nagarik Sahakari Bank was established in Kadi on 18 December 1974. The Bank is a professionally managed Financial Institution, a benchmark of transparency, credibility and innovation.
A co-operative bank, guided by a common purpose to help make financial lives better by connecting clients and communities to the resources they need to be successful. Shree Kadi Nagarik Sahakari Bank delivers this through a focus on responsible growth and environmental, social and governance leadership.
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 Shree Kadi Nagarik Sahakari Bank for upcoming exams
- Formation: 18 December 1974
- Chairman: Rajendrabhai R. Patel
- Vice-President: Piyushkumar A. Patel, Naranbhai M. Patel
- Chief Executive Officer (CEO): Manishbhai J. Patel
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