Sebi says move to put the deal for shareholders’ voting on 22 June is “ultra-vires” of the company’s Articles of Association; asks company to carry out valuation process by independent registered valuer.
The Reserve Bank of India RBI on Monday slapped fines of Rs 23 lakh on three co-operative banks for violation of norms.
A penalty of Rs 12 lakh has been imposed on Mumbai-based Mogaveera Co-operative Bank Ltd, Rs 10 lakh on Indapur Urban Cooperative Bank, and Rs 1 lakh on The Baramati Sahakari Bank Ltd, Baramati.
Regarding Mogaveera Co-operative Bank, the RBI said the inspection report of the bank, based on its financial position as on March 31, 2019, revealed that it had not fully transferred unclaimed deposits to Depositor Education and Awareness (DEA) Fund and had not conducted annual review of inoperative accounts.
Inspection also found the lender had no system of periodic review of risk categorisation of accounts.
On Indapur Urban Cooperative Bank, the RBI said inspection report of the bank, based on its financial position as on March 31, 2019, revealed that it had not adhered to the aggregate ceiling on unsecured advances, and did not have process for periodical review of risk categorisation of accounts.
It also did not have a robust system in place to generate alerts whenever transactions were inconsistent with the risk categorisation of customers, news agency PTI reported.
Inspection report of Baramati Sahakari Bank revealed the bank had exceeded prudential inter-bank (single bank) exposure limit.
In each case, the RBI added that penalty was imposed due to deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
