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 : –
violation of the RBI’s instructions contained in Circular UBD.BPD.Cir.50/13.05.00/2002-03 dated April 29, 2003
violation of RBI Directive UBD.BPD.Cir.5/13.05.00/2002-03 dated April April 29, 2003
violation of RBI’s instructions as in Circular UB No.BPD.CIR/54/13.05.00/2002-03 dated June 24, 2003
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
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.