RBI imposes penalty on Bijnor Urban Co-operative Bank Ltd., Bijnor, Uttar Pradesh

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....BI imposes penalty on Bijnor Urban Co-operative Bank Ltd., Bijnor, Uttar Pradesh <br>News and Press Release<br>Dated:- 3-3-2014<br><BR>The Reserve Bank of India has imposed a monetary penalty of Rs. 5....

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.....00 lakh (Rupees Five lakh only) on the Bijnor Urban Co-operative Bank Ltd., Bijnor, Uttar Pradesh, in exercise of the powers vested in it under the provisions of Section 47 A (1) (b) read with Sectio....

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....n 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for the following violations: i. Sanctioning Loans and Advances to Directors and their Relatives - Violation of....

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.... Para 5 of Master Circular UBD.CO.BPD.MC.No.8 /12.05.001/2011-12 dated July 1, 2011. ii. Know Your Customer norms - Violation of RBI Circular UBD.PCB.Cir.No.30 /09.016.00/2004 - 05 dated December 15....

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...., 2004. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted its written reply. After considering the facts of the case and the bank's reply i....

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....n the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty. Sucheta Vazkar Manager<BR> News - Press release - PIB....