RBI Imposed Penalty on 8 Banks: The Reserve Bank of India (RBI) has imposed fines on 8 co-operative banks for violating a number of regulations. A high-quality of Rs 40 lakh has been imposed on Gujarat’s Mehsana Urban Co-operative Bank. According to the Reserve Bank, the Mehsana Urban Co-operative Bank has been fined for non-compliance of positive provisions of the Reserve Bank of India (Co-operative Banks – Rate of Interest on Deposits) Directions, 2016.
Know which banks had been fined via RBI
The nation’s central financial institution stated in its commentary {that a} high-quality of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur, Maharashtra for violation of positive provisions associated with mortgage norms. At the similar time, Maharashtra’s Varud Urban Co-operative Bank, Varud, Maharashtra’s Yavatmal Urban Co-operative Bank, Yavatmal has been fined for violating Know Your Customer (KYC) norms.
Fine imposed on those banks of Madhya Pradesh
The District Co-operative Central Bank Limited, Chhindwara of Madhya Pradesh has additionally been fined via the Reserve Bank of India for violating KYC norms. Apart from this, RBI has additionally lashed its penalty on a cooperative financial institution of Guna.
These banks of Chhattisgarh-Goa fined
Apart from this, a high-quality of Rs 25 lakh has been imposed on Chhattisgarh State Cooperative Bank Limited, Raipur for non-compliance of positive KYC provisions.
Panaji’s Goa State Cooperative Bank has additionally been fined.
RBI helps to keep on taking motion on banks now and again
The Reserve Bank of India helps to keep on taking regulatory motion on cooperative and different banks of the rustic now and again as it comes beneath the purview of RBI beneath being a banking regulator.
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