COOPERATIVEBANKS
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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Moneylife Digital Team 26 September 2023
The Reserve Bank of India (RBI) has cancelled the certificate of registration of Mumbai-based Kapol Cooperative Bank Ltd due to inadequate capital and failure to comply with banking regulations.

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Moneylife Digital Team 22 September 2023
Reserve Bank of India (RBI) has imposed Rs20 lakh penalties on four cooperative banks for violating rules and regulations prescribed by the regulator. Of these, two banks are from Maharashtra, while others belong to Uttar Pradesh (UP) and Jammu. RBI has levied a fine of Rs11 lakh, the highest among the banks, on HCBL Cooperative Bank Ltd from UP.

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Moneylife Digital Team 20 July 2023
The Reserve Bank of India (RBI) has cancelled the certificate of registration of Bijnor, Uttar Pradesh-based United India Cooperative Bank Ltd due to inadequate capital and poor earning prospects of the lender. RBI has asked the Bank to stop banking business from 19 July 2023.

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Moneylife Digital Team 12 July 2023
The Reserve Bank of India (RBI) has cancelled the certificate of registration of two cooperative banks, Harihareshwar Sahakari Bank Ltd from Satara in Maharashtra and Sri Sharada Mahila Cooperative Bank Ltd from Karnataka. In two separate statements, RBI has asked these two lenders to stop banking business from 11 July 2023.

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Moneylife Digital Team 28 June 2023
The Reserve Bank of India (RBI) has cancelled the banking license of Dharwad-based Mahalaxmi Cooperative Bank Ltd effective from 27 June 2023. While it cannot work as a bank anymore, it is allowed to operate as a non-banking institution (NBI), RBI says.

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Moneylife Digital Team 20 June 2023
Reserve Bank of India (RBI) has imposed a monetary penalty of Rs1.21 crore on three cooperative banks for violating norms on cybersecurity and failing to carry due diligence of borrowers. RBI has levied a fine of Rs65 lakh, the highest, on the Hyderabad-based Andhra Pradesh Mahesh Cooperative Urban Bank Ltd. Others penalised by RBI include The Urban Cooperative Bank Ltd of Rourkela from Odisha and Maharashtra-based Dombivli Nagari Sahakari Bank Ltd.

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Alan Paul Varghese 21 December 2022
The Reserve Bank of India (RBI) has imposed penalties on 20 banks,

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Moneylife Digital Team 12 July 2022
The Reserve Bank of India (RBI) has imposed various restrictions on on four cooperative banks. The restrictions have been imposed for six months and it includes cap on withdrawals for the depositors.

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Moneylife Digital Team 29 November 2021
Depositors of 17 cooperative banks placed under the all-inclusive directions (AID) will receive up to Rs5 lakh from the deposit insurance & credit guarantee corporation (DICGC) from 29 November 2021 onwards.

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Moneylife Digital Team 30 July 2021
The Reserve Bank of India (RBI) has cancelled the license of Goa-based Madgaum Urban Cooperative Bank, with effect from 29 July 2021.

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Maya M 10 August 2020
On 30th July 2020, the Reserve Bank of India (RBI) extended its directions to the Vasantdada Nagari Sahakari Bank, the Kapol Cooperative Bank, and the Maratha Sahakari Bank. All three urban cooperative banks are from Maharashtra.

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The Reserve Bank of India has cancelled the banking licence of CKP Co-operative Bank, as its financial position has become unsustainable.

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Last week, I wrote about how the Reserve Bank of India’s (RBI’s) inspection reports, procured by Girish Mittal under the Right to Information (RTI) Act, had all but identified the fraud that led to PMC Bank’s (Punjab and Maharashtra Cooperative Bank) eventual failure way back in 2014-15; but RBI failed to dig deep or follow it up

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Moneylife Digital Team 14 October 2019
Seeking urgent action to safeguard depositors of cooperative banks that are witnessing frequent failures, Moneylife Foundation, a Mumbai-based non-profit consumer organisation (NGO), along with knowledgeable consumer activists, former bankers and trade unions have sent a Memorandum to Reserve Bank of India (RBI) governor Shaktikanta Das.

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The Special Operations Group of the state police has arrested eleven office-bearers of a cooperative society on charges of duping lakhs of investors of funds worth Rs 8,000 crore, said SOG Director General Bhupendra Singh Yadav on Saturday.

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When will the cycle of political interference and failed supervision by Reserve Bank end?

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