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Co-Sponsors

SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 13-JUL-2024

CO-OPERATIVE BANKS: BOUGHT INSURANCE POLICY FOR ITS EMPLOYEES FROM ONE OF ITS DIRECTORS WHO WAS ALSO AGENT OF INSURANCE COMPANY

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person SHREE CHHANI NAGARIK SAHAKARI BANK LTD.
  BOUGHT INSURANCE POLICY FOR ITS EMPLOYEES FROM ONE OF ITS DIRECTORS WHO WAS ALSO AGENT OF INSURANCE COMPANY

DID NOT IDENTIFY NON-PERFORMING ASSETS (NPA) ON ON-GOING BASIS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON LOANS & ADVANCES TO DIRECTORS ETC AS SURETY/GUARANTORS CLASSIFICATION OF UCBS

DID NOT REPORT FRAUDS TO RBI   		IMPOSED PENALTY RS.4,00,000

29-MAR-2023 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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