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 :