RBI penalises four co-operative banks amounting to a total of Rs 44 lakh, including a fine of Rs 16 lakh on Tamil Nadu State Apex Co-operative Bank, for contravention of various norms.
RBI harmonises provisioning norms for standard assets applicable to all categories of urban cooperative banks.
Four-tiered regulatory framework is based on size of deposits; RBI also comes out with norms relating to net worth and capital adequacy of urban co-operative banks.
RBI cancels licence of Pune-based Seva Vikas Co-operative Bank due to lack of adequate capital and earning prospects.
RBI cancels licence of Laxmi Co-operative Bank; says Solapur-based lender lacks adequate capital and earning prospects.
RBI had imposed several restrictions, including on withdrawals by depositors, on these 17 banks in July in view of their deteriorating financial positions
Depositors having putting in above Rs 5 lakh in the urban co-operative bank will be hit. DICGC provides to depositors full deposit amount of up to Rs 5 lakh. As per RBI, more than 99% of the bank’s depositors are entitled to receive full amount of their deposits from DICGC.
RBI imposes penalties on eight cooperative banks, including a fine of Rs 40 lakh on Mehsana Urban Co-operative Bank, Gujarat, for non-compliance with various norms.
RBI penalises Maharashtra State Co-operative Bank, Nasik Merchant's Co-operative Bank and National Central Cooperative Bank Ltd, Bettiah for deficiencies in regulatory compliance.
The depositors of two Maharashtra-based co-operative banks will get paid their insurance cover of up to Rs 5 lakh on their deposits by the Deposit Insurance and Credit Guarantee Corporation next month.
RBI raises limits on individual housing loans extended by co-operative banks by over 100%; move set to enhance credit flow into real estate sector.
RBI has extended restrictions as further action on draft scheme for takeover of PMC Bank by Unity Small Finance Bank is in process.
In a letter to RBI, PMC Depositors Forum has said the draft scheme of amalgamation appears to be beneficial to only Unity Small Finance Bank and pointed out how the tenure of repayment and interest accruals can be made more fair.
RBI announces draft amalgamation scheme of PMC Bank with Unity Small Finance Bank; high-value depositors will get back their full amount but over a period of 10 years.
The resolution process for PMC Bank is at an advanced stage, RBI deputy governor M Rajeshwar Rao said.
