RBI Penalty: Reserve Bank imposed fine on these 8 banks, know what is the whole matter

 


RBI Penalty 8 cooperative banks: Even before this, many banks have been fined by RBI due to non-compliance of bank rules.

RBI Penalty Eight cooperative banks: The Reserve Bank of India (RBI) has imposed a penalty on eight cooperative banks. The central bank shared this information on Monday. This penalty has been imposed by RBI due to deficiencies in regulatory compliance. Even before this, due to non-compliance of bank rules, many banks have been fined by RBI. 

According to news agency PTI, the central bank said on the matter that 'Loans and Advances to Directors, Relatives and Firms/Institutions in which they are interested' and 'Know Your Customer' on Associate Co-Operative Bank Limited, Surat (Gujarat) (KYC)' has been imposed with a fine of Rs.4 lakh for non-compliance with the master instructions. The RBI said that a fine of Rs one lakh has been imposed on Varachha Sahakari Bank Limited, Surat for violation of certain norms of the Depositor Education and Awareness Fund Scheme, 2014.

KNOW WHICH BANKS HAVE BEEN FINED HOW MUCH

Mogveera Co-Operative Bank Limited, Mumbai has been fined Rs 2 lakh for non-compliance of certain instructions related to KYC norms. A monetary fine of Rs 2 lakh has also been imposed on Vasai Janata Sahakari Bank, Palghar. In addition, RBI has imposed a fine of Rs one lakh on Rajkot People's Co-operative Bank, Rajkot for contravention of the directions on 'Loans and advances to directors, relatives and firms/entities in which they are interested'.

BHADRADRI CO-OPERATIVE URBAN BANK ALSO FINED TWO LAKHS

RBI has imposed a fine of Rs 2 lakh on Bhadradri Co-operative Urban Bank. A fine of one lakh each has been imposed on Jammu Central Co-operative Bank Ltd., Jammu and Jodhpur Nagarik Sahakari Bank, Jodhpur for violation of certain norms. RBI, however, said the penalty is based on deficiencies in regulatory compliance and does not question the validity of any transaction or agreement entered into by banks with their respective customers.

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