A monetary penalty of Rs5lacs has been imposed by Reserve Bank of India on CKP Co-operative Bank Ltd.
The following are the long list of violations for which the monetary penalty was imposed.
- violation of the Reserve Bank of India’s directive / guidelines on opening of on-site ATMs,
- extending finance to borrowers outside area of operations,
- exceeding exposure to housing and real estate, single party exposure limit, loans to directors,
- issuing bank guarantee to an entity not banking with them,
- non-filing of Suspicious Transaction Report (STR) report to Financial Intelligence Unit-India (FIU-IND),
- exceeding individual limit of unsecured advances,
- Sanctioning overdraft against third party FDs to one of its directors.
The Bank was established in 1915, which makes it one of the oldest Urban Co-op Bank in Mumbai.
The C.K.P. Co-op Bank Ltd has its Head Office at Matunga, Mumbai. The bank has 8 branches spread across Mumbai and Thane Districts.
Matunga in Mumbai was part of the seven original islands of Mumbai. Matunga is the corrupt name of Matanga, the Sanskrit word for elephant. The local king in the 13th century had stationed a elephant cavalry at Matanga, near Mahim.
- The Bapunagar Mihila Co-operative Bank Ltd., Ahmedabad – Penalised (simplybanking.wordpress.com)