RBI imposes penalty on The United Co-operative Bank Ltd., Bagnan Station Road(North), PO- Bagnan, Dist- Howrah, West Bengal

-


          Reserve Bank of India vide Press Release 16/05/2018 informed to the public at large that it has imposed a monetary penalty of INR5 lacs on April 19,2018, a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh) on United Co-operative Bank Ltd., Bagnan Station Road(North), PO- Bagnan, District- Howrah, West Bengal, in exercise of the powers vested in it under the provisions of Section 47A (1) (a) and (c).

The penalty was necessary for violations/ non-adherence of :-

01)  RBI directives/ guidelines as mentioned in Master Circular on Area of Operation, Branch Authorisation Policy, Opening/ Up-gradation of Extension Counters, ATMs and Shifting/Splitting/Closure of Offices dated July 1, 2015,

And

02) Section 35(2) of the Banking Regulation Act, 1949 (AACS).

Before the imposition of the monetary penalty,   Reserve Bank of India had issued a Show Cause Notice to the bank based on the findings of the inspection of the bank as on March 31, 2016, in response to which the bank submitted its reply and made personal submission to the Committee of Senior Officers, headed by Regional Director, RBI, Kolkata.

After considering the facts of the case, the bank’s reply and oral submission made to the Committee of Senior Officers in the matter, the Reserve Bank came to the conclusion that the aforesaid charges of the violations were substantiated and warranted imposition of the monetary penalty.

Bagnan is a census town in Bagnan I CD Block in Howrah district in the state of West Bengal, in eastern India.

The railway station in Bangnan is the prime attraction amongst visitors. It is by far the busiest railway station in South Eastern Railway Zone within West Bengal due to its connectivity to other major places[5] Station code : BZN No. of Platforms :




Comments

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the ...
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Un...
Read more

IIBF introduces Self-Paced E-learning courses (SPeL) for its two certificates

-
Image
          Indian Institute of Banking Finance (IIBF) has taken a quantum leap in disseminating knowledge to its members and non-members.           IIBF in April 2019, introduced the Self-Paced E-learning courses (SPeL) concept for banking enthusiasts to be familiar with banking concepts.           In the first stage, IIBF has launched   two certificate courses i.e 1. Digital Banking and 2. Ethics in Banking.           The objective of this self-paced e-learning mode are as follows: • Participants can make the best use of his or her time, in order to meet his or her learning objectives. • Participants can access the course   anywhere/anytime with an internet connection. • Participants need not travel to give their examinations. It saves time and money of the participants. ...
Read more