Tag Archives: DICGC

Shree Chhatrapati Urban Co.op Bank Ltd., Pimple Nilakh,District – Pune (Maharashtra) under RBI Directions

To safeguard the depositor’s interest, Reserve Bank of India, vide Press Release Dt.23 Sept 2014, has issued certain directions to Shree Chhatrapati Urban Co.op Bank Ltd., Pimple Nilakh, District – Pune (Maharashtra).

The highlights of the RBI Directions are:-

  • The directions are effective close of business on September 12, 2014,
  • Depositors will be allowed to withdraw only INR 1,000/- (Rupees one thousand only) of the total balance in every savings bank or current account or any other deposit account.
  • The bank has also been restrained from granting or renewing any loans and advances, making any investment, incurring any liability including borrowal of funds and acceptance of fresh deposits, disbursing or agreeing to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and selling, transferring or otherwise disposing of any of its properties or assets except as notified in the RBI Directions dated September 10, 2014 a copy of which is displayed on the bank’s premises for perusal by interested members of the public. It can do so only with prior approval in writing from the Reserve Bank of India..

It is further clarified by Reserve Bank of India, that its directions should not per se be construed as cancellation of its banking licence as the bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.pune

This Bank is in the DICGC’s  >  List of Insured Banks > Co-operative Banks

Pimple Nilakh is a fast growing suburb of Pimpri-Chinchwad, which is situated in the western part of Pune. It is located close to Mumbai-Pune expressway, Pimple Nilakh is accessible to places like Wakad, Hinjewadi, Baner, Aundh, Pimple Saudagar and Rahatni, among others. The nearest airport is the Lohegaon airport.

Dharmapuri District Central Co-operative Bank Ltd., Tamil Nadu penalized by Reserve Bank of India

The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on Dharmapuri District Central Co-operative Bank Ltd., Tamil Nadu.

The penalty is for  non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines.

District Central cooperative banks are primarily owned by State Governments.

The central co-operative banks are located at the district headquarters or some prominent town of the district. The central co-operative banks have three sources of funds,

  1. Their own share capital and reserves
  2. Deposits from the public and
  3. Loans from the state co-operative banks

Their main function is the banks are

  1. To meet the credit requirements of member-societies
  2. To perform banking business
  3. To act as balancing centre for the PACS by diverting the surplus funds of some societies to those which face shortage of funds
  4. To undertake non-credit activities
  5. To maintain close and continuous contact with PACS and provide leadership and guidance to them
  6. To supervise and inspect the PACS (Primary Agricultural Cooperative Banks)  and
  7. To provide a safe place for the investment of the resources of PACs

Dharmapuri District Central Co-operative Bank Ltd., depositors have the benefit of DICGC protection.