COOPERATIVEBANKS
Moneylife Digital Team 15 December 2023
In the wake of the Reserve Bank of India (RBI)’s recent cancellation of Kapol Cooperative Bank's license, a few customers have faced uncertainty regarding their loan repayments, the status of their accounts and the possible impact on credit scores. Responding to queries from Moneylife Foundation, RBI has now provided crucial insights into the situation, addressing concerns and outlining the way forward for customers of Kapol Cooperative Bank.

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Moneylife Digital Team 08 December 2023
The Reserve Bank of India (RBI) has cancelled the licences of over 15 cooperative banks since January 2023 alone. The pace at which cooperative bank licenses have been cancelled has shot up since dual regulation of cooperative banks was cancelled, and they were put under the exclusive regulatory oversight of RBI after the disastrous collapse of Punjab and Maharashtra Cooperative (PMC) Bank.

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Moneylife Digital Team 08 December 2023
The Reserve Bank of India (RBI) has cancelled the certificate of registration of Sitapur, Uttar Pradesh-based Urban Cooperative Bank Ltd, due to the lender's inadequate capital and poor earnings prospects.

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Moneylife Digital Team 08 December 2023
Reserve Bank of India (RBI) has imposed Rs3.10 lakh penalties on four cooperative banks for violating various laws prescribed by RBI. Of these, three belong to Maharashtra and the other to Telangana. The banks penalised are Patan Cooperative Bank Ltd, Prathamik Shikshak Sahakari Bank Ltd, Rajarshi Shahu Sahakari Bank Ltd from Maharashtra, and District Cooperative Central Bank Ltd from Telangana.

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Moneylife Digital Team 05 December 2023
Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks from Maharashtra for violation of different laws prescribed by the regulator. RBI has levied a fine of Rs4 lakh, the highest among the banks, on Jijamata Mahila Sahakari Bank Ltd.

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Moneylife Digital Team 01 December 2023
Reserve Bank of India (RBI) has imposed a penalty of Rs6 lakh on five cooperative banks, citing the violation of different laws prescribed by the banking regulator. Of these, three banks are from Gujarat, while others belong to Bihar and Odisha.

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Moneylife Digital Team 24 November 2023
Reserve Bank of India (RBI) has imposed Rs6.25 lakh penalties on five cooperative banks from Gujarat, citing the violation of different laws prescribed by the regulator. RBI has levied a fine of Rs2.5 lakh, the highest among the banks, on Shri Mahila Sewa Sahakari Bank Ltd. Other banks penalised by RBI are Vejalpur Nagarik Sahkari Bank Ltd, Khambhat Nagarik Sahakari Bank Ltd, Porbandar Vibhagiya Nagarik Sahkari Bank Ltd and Sarvodaya Nagarik Sahakari Bank Ltd

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Moneylife Digital Team 21 November 2023
Reserve Bank of India (RBI) has imposed a penalty of Rs67.05 lakh on four cooperative banks and one non-banking financial company (NBFC) for deficiencies in regulatory compliance. Of the four banks penalised, two belong to Maharashtra, while the remaining two are from Gujarat and Tamil Nadu.

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IANS 07 November 2023
The Reserve Bank of India (RBI) has imposed monetary penalties on three cooperative banks in Gujarat for breach of rules after carrying out statutory inspections of their records.

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Rana Mitra (The Leaflet) 01 November 2023
The third and final part of this three-part series does a deep-dive into NABARD and some important milestones in its development, and suggests a way forward.

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Moneylife Digital Team 31 October 2023
Reserve Bank of India (RBI) has imposed Rs13.10 lakh penalties on five cooperative banks for violating rules and regulations prescribed by the regulator. Of these, three banks are from Gujarat, while others belong to West Bengal and Mizoram. RBI has levied a fine of Rs7 lakh, the highest among the banks, on Uma Cooperative Bank Ltd from Gujarat.Reserve Bank of India (RBI) has imposed Rs13.10 lakh penalties on five cooperative banks for violating rules and regulations prescribed by the regulator. Of these, three banks are from Gujarat, while others belong to West Bengal and Mizoram. RBI has levied a fine of Rs7 lakh, the highest among the banks, on Uma Cooperative Bank Ltd from Gujarat.

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Rana Mitra (The Leaflet) 27 October 2023
The second part of this three-part series enumerates some noteworthy features of agricultural cooperative credit and the current crisis it finds itself in.

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Rana Mitra (The Leaflet) 26 October 2023
The first part of this three-part series examines the historical context of cooperative societies in India before jumping into the realities of the post-pandemic world where the rich are getting richer and the poor (agriculturists) are getting poorer.

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Moneylife Digital Team 26 October 2023
Reserve Bank of India (RBI) has imposed monetary penalties on three cooperative banks for violating various rules and regulations prescribed by the regulator. The banks penalised are Ghatal Peoples Cooperative Bank Ltd from West Bengal, District Central Cooperative Bank Ltd from Bihar and The Manjeri Cooperative Urban Bank Ltd from Kerala.

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Moneylife Digital Team 25 October 2023
Reserve Bank of India (RBI) has imposed a penalty of Rs3 lakh on Indrayani Cooperative Bank Ltd from Pimpri in Maharashtra, for non-compliance with the directions on income recognition, asset classification, provisioning and other related matters –urban cooperative bank (UCBs) and know your customer (KYC) directions.

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Moneylife Digital Team 20 October 2023
Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks from Gujarat, citing the violation of different laws prescribed by the regulator. A maximum penalty of Rs6 lakh has been imposed on Surat National Cooperative Bank Ltd.

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Moneylife Digital Team 17 October 2023
The Reserve Bank of India (RBI) has imposed a total penalty of Rs10.70 lakh on four cooperative banks from Gujarat and one non-banking financial company (NBFC) from Maharashtra for deficiencies in regulatory compliance.

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Moneylife Digital Team 13 October 2023
Reserve Bank of India (RBI) has imposed monetary penalties worth Rs7.20 lakh on three cooperative banks and one non-banking financial company (NBFC), from Maharashtra for violating various laws prescribed by the regulator. A maximum penalty of Rs4 lakh has been imposed on Annasaheb Magar Sahakari Bank Ltd.

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IANS 02 October 2023
With a few cooperative banks in Trissur and one in the state capital city in trouble and hapless depositors running from pillar to post to get back their money, a question mark has arisen over the sector.

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IANS 28 September 2023
The Enforcement Directorate (ED) has arrested CPM leader P.R. Aravindakshan and former bank accountant C.K. Jilse under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with the Karuvannur Service Co-Operative Society Bank scam worth Rs 150 crore, an official said.

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