The Bharath Co-operative Bank Ltd., Bangalore, Karnataka – Penalised


A monetary penalty of Rs5.00lac has been imposed on The Bharath Co-operative Bank Ltd., Bangalore by Reserve Bank of India.

The penalty has been imposed for : –

  1. violation of the RBI’s instructions contained in Circular UBD.BPD.Cir.50/13.05.00/2002-03 dated April 29, 2003

  2. violation of RBI Directive UBD.BPD.Cir.5/13.05.00/2002-03 dated April April 29, 2003

  3. violation of RBI’s instructions as in Circular UB No.BPD.CIR/54/13.05.00/2002-03 dated June 24, 2003

  4. for sanctioning/renewing of loans and advances to directors, their relatives and firms/concerns in which the directors are interested, suppressing of such information by not reporting the same in the relevant quarterly statement in proforma I & II submitted to the Reserve Bank of India

  5. for furnishing false information to the Inspecting Officer of Reserve Bank.

A Google search of ‘bharath co-operative bank ltd., bangalore’, does not reveal any information.

There is another similar co-operative bank by the name ‘The Bharat Co-operative Bank (Mumbai)Ltd. I am sure, that both are different.

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