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    Question

    Which of the following statements about the RBI's

    monetary penalties on cooperative banks is/are correct? 1. Shikshak Sahakari Bank Limited, Nagpur, has been penalized ₹23.30 lakh for non-compliance with operational instructions. 2.₹5.00 lakh (Rupees Five lakh only) on Noble Co-operative Bank Limited, Noida, Uttar Pradesh (the bank) for non-compliance with the specific directions issued by RBI under the Supervisory Action Framework (SAF).. 3. The penalty on Progressive Co-operative Bank Limited, Mumbai, is ₹5.00 lakh for non-compliance with Exposure Norms and Statutory/Other Restrictions.
    A Statements 1 and 2 Correct Answer Incorrect Answer
    B Statements 2 and 3 Correct Answer Incorrect Answer
    C Statements 1 and 3 Correct Answer Incorrect Answer
    D Only Statement 1 Correct Answer Incorrect Answer
    E All Statements 1, 2, and 3 Correct Answer Incorrect Answer

    Solution

    •     The Reserve Bank of India (RBI) has imposed a monetary penalty of : 1.    ₹23.30 lakh (Rupees Twenty-three lakh and Thirty thousand only) on Shikshak Sahakari Bank Limited, Nagpur (the bank) for non-compliance with operational instructions issued by RBI under ‘Supervisory Action Framework for Primary (Urban) Co-operative Banks (UCBs)’. 2.     ₹1.00 lakh (Rupees One lakh only) on Progressive Co-operative Bank Limited, Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Investments by Primary (Urban) Co-operative Banks’. 3.     ₹5.00 lakh (Rupees Five lakh only) on Solapur District Central Co-operative Bank Limited, Solapur, Maharashtra (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and the directions issued by RBI on the Depositor Education and Awareness Fund. 4.     ₹5.00 lakh (Rupees Five lakh only) on Noble Co-operative Bank Limited, Noida, Uttar Pradesh (the bank) for non-compliance with the specific directions issued by RBI under the Supervisory Action Framework (SAF). 5.     ₹5.00 lakh (Rupees Five lakh only) on Adarsh Mahila Co-operative Bank Limited, Muzaffarnagar, Uttar Pradesh (the bank) for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’ and specific directions issued by RBI under the Supervisory Action Framework (SAF). Learn Along About RBI Founded: 1 April 1935                        Headquarters: Mumbai                                Governor: Shaktikanta Das

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