Reserve Bank of India imposes monetary penalty on Konnagar Samabaya Bank Limited and The Santragachi Co-operative Bank Limited
Case Brief
By orders dated January 29, 2021, the Reserve Bank of India imposed monetary penalties on Konnagar Samabaya Bank Limited and The Santragachi Co-operative Bank Limited. The basis stated in the release is contravention of / non-compliance with RBI directions on 'Exposure Norms and Statutory/Other Restrictions-UCBs'. The excerpt identifies two co-operative banks as the affected entities but does not include the specific penalty amounts in the provided text.
RBI imposed monetary penalties on the named co-operative banks by orders dated January 29, 2021 for contravention of / non-compliance with the directions issued by RBI on 'Exposure Norms and Statutory/Other Restrictions-UCBs'. The release names two co-operative banks but does not provide individual penalty amounts in the excerpt provided.
Severity Assessment
This is a monetary penalty; the excerpt does not state any amount, so severity defaults to the lowest monetary band.
The two co-operative banks face a monetary penalty and the compliance finding remains part of their regulatory record. No operational restriction is described in the excerpt, but the banks are expected to address the underlying non-compliance with RBI exposure norms and related statutory restrictions.
Published as Konnagar Samabaya Bank Limited
Published as The Santragachi Co-operative Bank Limited
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