India’s&nbsp;central bank on&nbsp;Monday (Apr 29) imposed a monetary penalty on five co-operative banks for multiple violations.&nbsp;The Reserve Bank of India (RBI) said&nbsp;all five banks were&nbsp;found&nbsp;in non-compliance of the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on&nbsp;‘Frauds - Guidelines for Classification, Reporting and Monitoring’.&nbsp;The five banks that have been penalised are as follows:

<ul>
	<li>The Central Co-operative Bank</li>
	<li>The Vaish Co-operative Adarsh Bank&nbsp;</li>
	<li>Indira Mahila Sahakari Bank&nbsp;</li>
	<li>The Chitradurga District Co-operative Central Bank</li>
	<li>Samarth Sahakari Bank</li>
</ul>

The RBI&nbsp;in&nbsp;a press&nbsp;release&nbsp;said a penalty of INR 1 lakh ($1200) was imposed on The Vaish Co-operative Adarsh Bank, whereas the Central Co-operative Bank&nbsp;was fined&nbsp;INR 2 lakh ($2400). The RBI has asked Indira Mahila Sahakari Bank to pay INR 75,000 ($900) as a fine whereas both the Chitradurga District Co-operative Central Bank and Samarth Sahakari Bank have been fined worth INR 50,000 each ($600).

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“RBI in an inspection found out that the charge of delay in reporting of frauds by The Central Co-operative Bank,”&nbsp;the release added.

The release added that the Vaish Co-operative Adarsh Bank was also penalised for non-compliance with the directions issued by RBI on&nbsp;‘Know Your Customer (KYC) Directions, 2016’.

<h2>RBI cancels Acemoney India NBFC licence</h2>

Meanwhile, the RBI on Monday cancelled the certificate of registration of Acemoney India Ltd, a non-banking financial company (NBFC) based in the northwestern part of the national capital, citing irregular lending practices.

Also read:&nbsp;<a data-ved="2ahUKEwjpz_exz-eFAxV0rlYBHRh3B-0QxfQBKAB6BAgREAE" href="https://www.wionews.com/business-economy/rbi-governor-shaktikanta-das-hails-upi-heres-what-he-said-696628" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/rbi-governor-shaktikanta-das-hails-upi-heres-what-he-said-696628&amp;ved=2ahUKEwjpz_exz-eFAxV0rlYBHRh3B-0QxfQBKAB6BAgREAE">RBI Governor Shaktikanta Das hails UPI. Here`s what he said</a>

The company&nbsp;"shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934",&nbsp;the banking regulator said.

(With inputs from agencies)

India’s central bank on Monday (Apr 29) imposed a monetary penalty on five co-operative banks for multiple violations. The Reserve Bank of India (RBI) said all five banks were found in non-compliance of the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’.

India’s central bank on Monday (Apr 29) imposed a monetary penalty on five co-operative banks for multiple violations. The Reserve Bank of India (RBI) said all five banks were found in non-compliance of the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. The five banks that have been penalised are as follows: The Central Co-operative Bank The Vaish Co-operative Adarsh Bank Indira Mahila Sahakari Bank The Chitradurga District Co-operative Central Bank Samarth Sahakari Bank The RBI in a press release said a penalty of INR 1 lakh ($1200) was imposed on The Vaish Co-operative Adarsh Bank, whereas the Central Co-operative Bank was fined INR 2 lakh ($2400). The RBI has asked Indira Mahila Sahakari Bank to pay INR 75,000 ($900) as a fine whereas both the Chitradurga District Co-operative Central Bank and Samarth Sahakari Bank have been fined worth INR 50,000 each ($600). Also read: RBI bars Kotak Mahindra Bank from issuing credit cards; Bank`s share price falls more than 11% “RBI in an inspection found out that the charge of delay in reporting of frauds by The Central Co-operative Bank,” the release added. The release added that the Vaish Co-operative Adarsh Bank was also penalised for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Directions, 2016’. RBI cancels Acemoney India NBFC licence Meanwhile, the RBI on Monday cancelled the certificate of registration of Acemoney India Ltd, a non-banking financial company (NBFC) based in the northwestern part of the national capital, citing irregular lending practices. Also read: RBI Governor Shaktikanta Das hails UPI. Here`s what he said The company "shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934", the banking regulator said. (With inputs from agencies)

India’s RBI punishes five co-operative banks for rule violations, imposes fine

The Supreme Court today asked the government why banks were not able to provide money to customers despite fixing a&nbsp;withdrawal limit. It asked the government whether there could be assured minimum withdrawal from banks.

&quot;Can we say that this will be the minimum assured weekly withdrawal amount that a person can get from the bank,&quot; the bench asked. It fixed the matter for further hearing on December 14.

The bench headed by chief justice TS Thakur also asked attorney general Mukul Rohatgi to apprise it about the federal government&#39;s stand on barring district cooperative banks from accepting demonetised currency notes. It also asked the government whether district cooperative banks could be allowed to accept deposits with certain conditions.

On November 24, the government filed an affidavit in the apex court on demonetisation, stating that the &quot;bold move&quot; would eradicate black money and slush funds which had created a &quot;parallel economy&quot; since independence, hitting the poor and the middle class.

The Supreme Court had agreed to hear pleas of 14 cooperative banks of Kerala on November 29, seeking its nod to transact business like other banks seeking demonetisation of any currency note higher than Rs 100 denomination.&nbsp;

On December 2, the top court had asked the government to spell out the measures taken to ease the inconvenience and suffering of people in rural areas because of demonetisation.&nbsp;

The attorney general had said the government was aware of the situation in cooperative banks which lacked proper infrastructure and mechanism as compared to scheduled banks.

While hearing a batch of pleas challenging various aspects of demonetisation, the court had said that all parties should sit together and prepare a list of categories of cases which could be referred to high courts and those that could be heard by the top court.

Rohatgi also asked the court to put a stay on various demonetisation-related cases in high courts.

The bench said that it would take up this issue on next date of hearing.

(WION with inputs from PTI)

The Supreme Court of India also asked the federal government whether cooperative banks can be allowed to accept old currency

The Supreme Court today asked the government why banks were not able to provide money to customers despite fixing a withdrawal limit. It asked the government whether there could be assured minimum withdrawal from banks. "Can we say that this will be the minimum assured weekly withdrawal amount that a person can get from the bank," the bench asked. It fixed the matter for further hearing on December 14. The bench headed by chief justice TS Thakur also asked attorney general Mukul Rohatgi to apprise it about the federal government's stand on barring district cooperative banks from accepting demonetised currency notes. It also asked the government whether district cooperative banks could be allowed to accept deposits with certain conditions. On November 24, the government filed an affidavit in the apex court on demonetisation, stating that the "bold move" would eradicate black money and slush funds which had created a "parallel economy" since independence, hitting the poor and the middle class. The Supreme Court had agreed to hear pleas of 14 cooperative banks of Kerala on November 29, seeking its nod to transact business like other banks seeking demonetisation of any currency note higher than Rs 100 denomination. On December 2, the top court had asked the government to spell out the measures taken to ease the inconvenience and suffering of people in rural areas because of demonetisation. The attorney general had said the government was aware of the situation in cooperative banks which lacked proper infrastructure and mechanism as compared to scheduled banks. While hearing a batch of pleas challenging various aspects of demonetisation, the court had said that all parties should sit together and prepare a list of categories of cases which could be referred to high courts and those that could be heard by the top court. Rohatgi also asked the court to put a stay on various demonetisation-related cases in high courts. The bench said that it would take up this issue on next date of hearing. (WION with inputs from PTI)

Demonetisation: Top court questions government on cash crunch in banks

The Supreme Court of India today asked the government to elaborate on the measures taken to ease the sufferings and inconvenience of people in rural areas.&nbsp;

Senior advocate P Chidambaram, appearing for co-operative banks, questioned the government&#39;s decision saying that the rural economy is almost paralysed due to non-inclusion of co-operative banks.&nbsp;

While hearings various pleas challenging the government&#39;s demonetisation move, the bench said all the parties should sit together and prepare a list of categories of cases which could be referred to high courts and those that could be taken up by the apex court.&nbsp;

Appearing for the government, attorney general Mukul Rohatgi said the government is aware of the situation in the co-operative banks which lack proper infrastructure and mechanism as compared to scheduled banks.&nbsp;

He defended the decision, saying the government has deliberately kept co-operative banks out of the drive as these did not have the expertise to detect fake currency.

Rohatgi said, &quot;Several cases are filed each passing day in various high courts on various aspects post demonetisation and it is not possible to deal with cases simultaneously in Kerala, Kolkata, Jaipur and Mumbai... All these matter should be clubbed together and be referred to any one high court or the apex court should hear them.&quot;

The court has posted the next hearing on the matter to December 5.&nbsp;

(WION with inputs from PTI)&nbsp;

It asked the government to spell out steps to ease inconvenience in rural areas where co-operative banks lack required mechanism

The Supreme Court of India today asked the government to elaborate on the measures taken to ease the sufferings and inconvenience of people in rural areas. Senior advocate P Chidambaram, appearing for co-operative banks, questioned the government's decision saying that the rural economy is almost paralysed due to non-inclusion of co-operative banks. While hearings various pleas challenging the government's demonetisation move, the bench said all the parties should sit together and prepare a list of categories of cases which could be referred to high courts and those that could be taken up by the apex court. Appearing for the government, attorney general Mukul Rohatgi said the government is aware of the situation in the co-operative banks which lack proper infrastructure and mechanism as compared to scheduled banks. He defended the decision, saying the government has deliberately kept co-operative banks out of the drive as these did not have the expertise to detect fake currency. Rohatgi said, "Several cases are filed each passing day in various high courts on various aspects post demonetisation and it is not possible to deal with cases simultaneously in Kerala, Kolkata, Jaipur and Mumbai... All these matter should be clubbed together and be referred to any one high court or the apex court should hear them." The court has posted the next hearing on the matter to December 5. (WION with inputs from PTI)

Demonetisation: Supreme Court asks Indian government to list measures easing rural suffering

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India’s RBI punishes five co-operative banks for rule violations, imposes fine

Demonetisation: Top court questions government on cash crunch in banks

Demonetisation: Supreme Court asks Indian government to list measures easing rural suffering