Reserve Bank of India (RBI) has imposed a penalty of Rs1.13 crore on four cooperative banks, including Bombay Mercantile Cooperative Bank Ltd, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs63.30 lakh has been imposed on Bombay Mercantile Cooperative Bank.
Reserve Bank of India (RBI) has imposed a penalty of Rs1.13 crore on four cooperative banks, including Bombay Mercantile Cooperative Bank Ltd, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs63.30 lakh has been imposed on Bombay Mercantile Cooperative Bank.
The Reserve Bank of India (RBI) has imposed penalties totalling Rs42 lakh on three cooperative banks for violating norms and non-compliance. Those who are penalised include Chennai-based Tamil Nadu State Apex Cooperative Bank (Rs16 lakh), Bombay Mercantile Cooperative Bank (Rs13 lakh) and Pune-based Janata Sahakari Bank (Rs13 lakh).
In 2021, scores of cooperative banks and co-operative credit societies across the country performed well despite Covid-19 and a majority of them took the historic step to woo their customers
Maharashtra based Bombay Mercantile Cooperative Bank was felicitated with the certificate of appreciation by the Maharashtra governor Bhagat Singh Koshiari in a function held at Raj Bhawan recently.
Fahim Ansari, one of the board members of the bank received the Certificate of Appreciation from the governor.
The bank was felicitated for the excellent humanitarian work done by the bank during the Covid-19
pandemic.
The event was organized by the socio-cultural organization ‘Pasbaan E Adab’ founded by the senior IPS officer Quaiser Khalid.
The appreciation certificate reads, ” The bank has done excellent humanitarian work and provided valuable contributions in the arrangement, stocking, distribution and mobilization of food and other essential commodities during the lockdown arising out of the Covid-19 pandemic”.