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Language , Updated: Aug 8, 2022, 10:37 PM
Mumbai, Aug 8 (PTI) The Reserve Bank of India (RBI) has fined 8 co-operative banks for violating a number of norms. 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 sure provisions of the Reserve Bank of India (Co-operative Banks – Rate of Interest on Deposits) Directions, 2016. The central financial institution stated in a remark on Monday that the Indapur Urban Co-operative Bank, Indapur, Maharashtra has been charged seven lakh rupees for violation of sure provisions associated with mortgage norms.
According to the Reserve Bank, the Mehsana Urban Co-operative Bank has been fined for non-compliance of sure provisions of the Reserve Bank of India (Co-operative Banks – Rate of Interest on Deposits) Directions, 2016.
The central financial institution stated in a remark on Monday {that a} high quality of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur, Maharashtra for violation of sure provisions associated with lending norms.
Meanwhile, Maharashtra’s Varud Urban Co-operative Bank, Varud, Madhya Pradesh’s District Co-operative Central Bank Maryadit, Chhindwara and Maharashtra’s Yavatmal Urban Co-operative Bank, Yavatmal had been fined for violating Know Your Customer (KYC) norms. .
Apart from this, a high quality of Rs 25 lakh has been imposed on Chhattisgarh State Cooperative Bank Maryadit, Raipur for non-compliance of sure KYC provisions. Apart from this, a co-operative financial institution in Guna and Goa State Co-operative Bank in Panaji have additionally been fined.
