The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs. 1 lakh (Rupees One Lakh only) on Parner Taluka Sainik Sahakari Bank Limited Parner, Maharashtra for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs’. The Parner Taluka Sainik Sahakari Bank regularised certain non-performing assets (NPAs) without repayment through genuine sources, hence the RBI has imposed a penalty of ₹1 lakh on the bank.
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| RBI Imposes Rs 1 lakh Penalty on Parner Taluka Sainik Sahakari Bank |
RBI Imposes ₹1 lakh Penalty on Parner Taluka Sainik Sahakari Bank
The Reserve Bank of India (RBl) has imposed a monetary penalty of ₹1 lakh on Parner Taluka Sainik Sahakari Bank Limited Parner, Maharashtra for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters - 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 Rs. 25 lakh Rupees Twenty Five Lakh only) on The Mehsana Urban Co-operative Bank Limited, Gujarat.
RBI Imposes Penalty on Parner Taluka Sainik 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 charge against the bank was sustained, warranting imposition of monetary penalty:
- The bank had regularised certain non-performing assets (NPAs) without repayment through genuine sources.
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 Parner Taluka Sainik Sahakari Bank
Parner Taluka Sainik Sahakari Bank Limited Parner was founded in 1995 under the visionary leadership of Padm Bhushan Dr. Anna Saheb Hajare, the Founder Chairman. Headquartered at Parner, Ahmednagar, the bank began its operations in 1995 with a mission to serve society.
The bank was established by individuals deeply committed to social causes, with its reach gradually extending across Ahmednagar, Pune, Thane, Nashik, Beed, Solapur, and Sambhajinagar. From the very beginning, the bank has focused on supporting ex‑servicemen and economically weaker sections of society, earning a reputation as a bank for the masses, not just for the classes.
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In 2014, the bank implemented Core Banking Technology, enabling customers to enjoy Any Branch Banking with prompt and accurate services. Anticipating future challenges and aligning with Reserve Bank of India standards, the bank has introduced modern services such as RTGS, NEFT, CTS Clearing, QR Code Payments, and SMS Alerts.
Mission of Parner Taluka Sainik Sahakari Bank
The mission of Parner Taluka Sainik Sahakari Bank is to develop a range of quality services for creating value for customers, shareholders and the society by motivating people to achieve excellence in performance leading to sustained profitable growth and in that process build a learning organization.
About 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.
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
- Shirish Chandra Murmu
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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, Shirish Chandra Murmu, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to Parner Taluka Sainik Sahakari Bank for upcoming exams
- Formation: 1995
- Founder Chairman: Padm Bhushan Dr. AnnaSaheb Hajare
- Chairman: Shivajirao Tukaram Vyavhare
- Vice Chairman: Jaising Sadashiv Mapari
- Chief Executive Officer: Sanjay Bajirao Korade
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