Page 5 - Cooperative Banks

Rupee Cooperative Bank set to explore merger proposal, SFB conversion

On August 8, the RBI had ordered cancellation of the banking licence of the ailing UCB from September 22. The high court will take up the matter on October 17

RBI asks urban cooperative banks to appoint compliance chiefs by April 2023

RBI said this directive should be placed in the immediate next meeting of the Board of Directors for information

RBI introduces compliance function for UCBs in Tier-3 and 4 categories

The compliance function would ensure strict observance of all statutory and regulatory requirements. UCBs with deposits of more than Rs 1,000 crore fall under Tier-3 & 4 categories

DICGC to make payments to depositors of 17 co-op banks in October

The Deposit Insurance and Credit Guarantee Corporation (DICGC) will be making payments to the eligible depositors of 17 cooperative banks, including eight from Maharashtra, in October. The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of these 17 banks in July in view of their deteriorating financial positions. DICGC, a wholly-owned subsidiary of the RBI, provides an insurance cover of up to Rs 5 lakh on bank deposits. Of the 17 cooperative banks, eight are in Maharashtra, four in Uttar Pradesh, two in Karnataka, and one each in New Delhi, Andhra Pradesh and West Bengal. The cooperative banks from Maharashtra are: Sahebrao Deshmukh Co-operative Bank, Sangli Sahakari Bank, Raigad Sahakari Bank, Nashik Zilla Girna Sahakari Bank, Saibaba Janata Sahakari Bank, Anjangaon Surji Nagari Sahakari Bank, Jaiprakash Narayan Nagari Sahakari Bank, and The Karmala Urban Co-op Bank. As per the DICGC, the banks from Uttar Pradesh whose eligib

Financial Services Bureau recommends Mohammad Mustafa as NABARD Chairman

The Financial Services Institutions Bureau (FSIB) on Wednesday recommended Mohammad Mustafa as the Chairman of NABARD. "After interfacing with 15 candidates on August 16-17, 2022, the bureau recommends Mohammad Mustafa for the position of Chairman in National Bank for Agriculture and Rural Development (NABARD)," FSIB said in a statement. The final decision on the recommendation of FSIB would be taken by the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi. Mustafa, a 1995 batch IAS officer of the Uttar Pradesh cadre, served as the Chairman and Managing Director (CMD) of Small Industries Development Bank of India. Earlier, he had served as a Joint Secretary in the Department of Financial Services and also as a Director. He had also served as CMD of National Housing Bank between 2014-15 and as MD of CERSAI in 2016. NABARD is the apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India.

RBI cancels Rupee Co-operative's licence; lender to cease business Sep 22

More than 99% of depositors of Pune-based lender to receive the full amount, says regulator

Kerala: ED raids 5 accused in CPI-M controlled Cooperative Bank scam

ED attached to the Kochi office started simultaneous raids at the residences of five accused in the Rs 312 crore fraud at the CPI-M controlled Trissur-based Karuvannur Cooperative bank

Kerala Congress leader demands CBI probe into Karuvannur Co-op bank fraud

Leader of Opposition V.D.Satheesan on Saturday wrote to Chief Minister Pinarayi Vijayan demanding a CBI probe into the Karuvannur Cooperative bank fraud in Kerala's Thrissur

RBI hikes capital adequacy ratio for urban cooperative banks to 12%

Rule applies to banks with deposits above Rs 100 crore; glide path till March 2026, to meet revised CAR norm in phases for UCBs that do not meet it currently

Revive cooperative banks to extend more long-term loans to farmers: Shah

Union Minister Amit Shah on Saturday urged Agricultural and Rural Development Banks (ARDBs) to extend more long-term loans to the agriculture sector, including for irrigation and other infrastructure

Reserve Bank's DICGC to pay depositors of two co-operative banks in August

DICGC, a wholly-owned subsidiary of the RBI, provides an insurance cover of up to Rs 5 lakh on bank deposits

Regulator shouldn't view co-op banks with suspicion, says Amit Shah

Central government working to set up a national-level cooperative university

RBI doesn't have favourable view towards cooperative banks: Sharad Pawar

NCP chief Sharad Pawar said the view of the Reserve Bank was not favourable towards urban cooperative banks which fulfil the needs of the common people and asked the Centre to act accordingly

Reserve Bank of India imposes penalties on three cooperative banks

The Reserve Bank of India (RBI) on Monday imposed penalties totalling Rs 5 lakh on three cooperative banks for various non compliances. A penalty of Rs 2 lakh has been imposed on The Yashwant Cooperative Bank Limited, Phaltan for contravention of non-compliance with directions issued by it on Income Recognition, Asset Classification, Provisioning and Other Related Matters UCBs, the RBI said in a statement. In another statement, the central bank said a penalty of Rs 2 lakh has been imposed on Kokan Mercantile Co-operative Bank Ltd., Mumbai for similar non-compliance. The RBI has also imposed a penalty of Rs 1 lakh on the Samata Cooperative Development Bank Limited, Kolkata, for contravention of directions issued by it on 'Exposure Norms & Statutory/Other Restrictions-UCBs', the RBI said in a separate filing. In all the cases, the RBI said the penalities are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or ...

RBI imposes penalty on 3 co-op banks for lapses in regulatory compliance

The Reserve Bank of India has imposed a penalty on three cooperative banks, including Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh, for deficiencies in regulatory compliances

PMC depositors move SC against final merger plan with Unity SFB

Among other haircut terms, depositors have to wait for 10 years to get back their money if the amount is more than Rs 15 lakh

Reserve Bank of India imposes penalties on 8 cooperative banks

The RBI said penalties have been imposed for deficiencies in regulatory compliances

Budget 2022: Cooperatives seek level playing field with commercial banks

Parity with commercial banks sought in tax treatment, and for deposits, loan products

'How did scams happen in cooperative banks': Shah takes veiled dig at MVA

Taking a veiled dig at Maha Vikas Aghadi government, Shah on Saturday raised questions over the alleged scams involving crores of money in cooperative banks of Maharashtra

Maha: FIR against cooperative bank chairman, others for Rs 229 cr fraud

A few months ago, the board of directors of this bank had been dismissed and an administrator appointed.