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.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more