RBI imposes penalty on three banks and ban on one! If you do not have an account anywhere, check here

 


The central bank said in its statement, 'Baramulla Central Co-operative Bank Limited of Jammu and Kashmir has been fined Rs 2 lakh for contravention of the directions of RBI to prohibit the acceptance of new deposits. has been applied.'

  • RBI imposed penalty on three banks
  • Check here whether your account is not there
  • Penalty imposed for lack of regulatory compliance 

  • New Delhi:  There is news of work for bank customers. The Reserve Bank of India (RBI) has imposed a total fine of Rs 5 lakh on three cooperative banks. This penalty has been imposed for lack of regulatory compliance. If you also have an account in these banks, then definitely read this news. 

  • The central bank said in its statement, 'Baramulla Central Co-operative Bank Limited of Jammu and Kashmir has been fined Rs 2 lakh for contravention of the directions of RBI to prohibit the acceptance of new deposits. has been applied.'

    RBI further stated that it has imposed a penalty of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No. 3) for non-compliance with the directions issued under the loan rules and statutory/other restrictions. In another release, the central bank said that it has imposed a fine of Rs 1 lakh on Chennai Central Co-operative Bank for non-compliance/violation of certain instructions in respect of income recognition, asset classification, provisioning and other related matters.

    LICENSE OF THIS COOPERATIVE BANK CANCELED

    At the beginning of this first month itself, RBI canceled the license of Independence Co-operative Bank Ltd of Maharashtra. The central bank said, 'After February 3, 2022, the bank will not be able to do any business. In view of the financial condition of the bank, the Reserve Bank had imposed restrictions last year also. Due to the then decision, customers could not withdraw money for 6 months. After the business situation of the bank did not improve, the Reserve Bank has now decided to cancel the license.

    THESE BANKS WERE ALSO BANNED

    RBI this month extended the restrictions on another cooperative bank, Milath Co-Operative Bank based in Devangare, Karnataka, for another three months till May 7, 2022. RBI imposed a ban on this cooperative bank for the first time in May 2019.

  • Earlier, in January 2022, the RBI had imposed several restrictions on Indian Mercantile Cooperative Bank Ltd. of Lucknow, including a withdrawal limit of one lakh rupees. The co-operative bank will not grant or renew any loan, advance or make any investment without its approval. If you also have an account in any of these banks, then you should be alert. 

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