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Monday
September 2019
8:23 AM IST
News Headlines
Four held in Kerala for honey trapping NRI bizman        Minor girl sexually assaulted for over 2 yrs in Kerala, two        De Kock leads SA to nine-wicket win, Kohli’s move backfires        Over three-fourths of J&K population supported Art 370 abrogation: Rajnath Singh        PM Modi meets Kashmiri Pandits in Houston, assures them of New Kashmir        Miley Cyrus, Kaitlynn Carter split after month of dating        Sean Bean thinks Richard Madden would be perfect as next Bond        Had to get my game together for 'Turram Khan': Nushrat Bharucha        Andy Murray says 'naive' to think he will return to top        Try best not to let criticism get to me: Shraddha Kapoor        Ker HC strikes down college hostel rule prohibiting mobile use        Govt accepts resignation of Madras HC Chief Justice V K Tahilramani        Babri Masjid demolition case: Special CBI court issues summons to Kalyan Singh        We are committed to meet India's energy security needs: Saudi Arabia        Experience more relevant than what you learnt 35-40 years ago: Das on his history background        Petrol price jumps Rs 1.59/ltr, diesel Rs 1.31/ltr after Saudi attacks        Typhoon heads to northeast Japan after some damage in south        US likely to escalate trade war with China if no deal is agreed soon: Trump's advisor        EU's Juncker says not too late for Brexit deal        Apna Time Aayega, says team `Gully Boy'        
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Business News
RBI imposes Rs 1 lakh penalty on Lucknow-based co-op bank
 
Mumbai, Apr 10 (PTI) The Reserve Bank Wednesday said it has imposed a penalty of Rs 1 lakh on UP Postal Primary Co-operative Bank, Lucknow for violation of norms regarding shifting of its branch.

The RBI had issued a show-cause notice to the bank, in response to which the lender submitted a written reply.

After considering the facts of the case and the bank's reply in the matter and personal hearing, the Reserve Bank of India (RBI) came to the conclusion that the violation was substantiated and warranted imposition of penalty.

The Rs 1 lakh penalty has been imposed on the co-operative bank "for violation of RBI Instructions/Guidelines for shifting of its branch without obtaining prior approval from RBI", the central bank said.

On Tuesday, the RBI had imposed certain restrictions on The Mudhol Co-operative Bank, Bagalkot district, Karnataka till its "financial position improves".

From the close of business on April 8, 2019, the bank has been barred from granting or renewing any loans, make any investments, and acceptance of fresh deposits, without prior approval of RBI in writing.

"In particular, a sum not exceeding Rs 1,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn" subject to conditions stated in the RBI directions, it said.

The RBI, however, added that the directions issued to The Mudhol Co-operative Bank should not per se be construed as cancellation of the banking licence.

The bank will continue to undertake banking business with restrictions till its financial position improves, it added.


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Experience more relevant than what you learnt 35-40 years ago: Das on his history background
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PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 cr
KERALA NEWS
Four held in Kerala for honey trapping NRI bizman
 Kochi: Four people including a woman were arrested for allegedly honey trapping a Gulf-based NRI bus  
Minor girl sexually assaulted for over 2 yrs in Kerala, two
Ker HC strikes down college hostel rule prohibiting mobile use
Government to rebuild Palarivattom flyover
INTERNATIONAL NEWS
Typhoon heads to northeast Japan after some damage in south
 Tokyo: A powerful typhoon was heading northeast to Japan's main island of Honshu on Sunday after las
US likely to escalate trade war with China if no deal is agreed soon: Trump's advisor
EU's Juncker says not too late for Brexit deal
Netanyahu''s rival Gantz says he should be PM in unity government
NATIONAL NEWS
Over three-fourths of J&K population supported Art 370 abrogation: Rajnath Singh
 Patna: Article 370 was like a "canker" that bled Jammu and Kashmir, Defence Minister Rajnath Singh s
Govt accepts resignation of Madras HC Chief Justice V K Tahilramani
Babri Masjid demolition case: Special CBI court issues summons to Kalyan Singh
Chinmayanand arrested, says sorry for behaviour
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