The Aurangabad District Central Co-operative Bank Limited, Bihar

RBI imposed a monetary penalty of Rs 20,000 on The Aurangabad District Central Co-operative Bank Limited, Bihar. The action was for failing to submit borrower credit information to all four Credit Information Companies.

The bank must absorb the monetary penalty and address the compliance lapse in credit information reporting going forward. The release also makes clear that the penalty is without prejudice to any other action RBI may initiate, so further supervisory consequences remain possible if non-compliance persists.

• Section 25 read with Section 23 of Credit Information Companies (Regulation) Act, 2005

RBI has imposed a monetary penalty of Rs 1.25 lakh on The Aurangabad District Central Co-operative Bank Ltd., Bihar. The action was taken for non-compliance with statutory provisions and RBI directions relating to depositor fund transfers and CIC reporting.

The bank must absorb the penalty and address the compliance failures identified by RBI. Going forward, it needs to ensure timely transfer of eligible amounts to the Depositor Education and Awareness Fund and regular submission of borrower credit information to Credit Information Companies, subject to any further action RBI may initiate.

• section 26A read with section 56 of the Banking Regulation Act, 1949
• section 47A(1)(c) read with sections 46(4)(i) and 56 of BR Act
• section 25 of the Credit Information Companies (Regulation) Act, 2005