Reserve Bank of India imposes monetary penalty on: 1) The Berhampur Co-operative Urban Bank Ltd. 2) The Boral Union Co-operative Bank Ltd. and 3) The Khatra People’s Co-operative Bank Ltd.

Case Brief

The Reserve Bank of India imposed monetary penalties on three co-operative banks: The Berhampur Co-operative Urban Bank Ltd., The Boral Union Co-operative Bank Ltd., and The Khatra People’s Co-operative Bank Ltd. The stated basis is contravention of or non-compliance with RBI directions on “Exposure Norms and Statutory/Other Restrictions-UCBs”. The excerpt does not provide the separate penalty amounts for each bank or the specific factual findings against each institution.