New Delhi/Mumbai. According to a big news in the morning, now the Reserve Bank of India (RBI) has imposed a huge penalty on eight co-operative banks for deficiencies in regulatory compliance. It is worth noting that in recent times, RBI has imposed penalties on many banks for not following the necessary guidelines. It does not include the name of your bank anywhere.
penalty on these banks
In fact, while giving this information on Monday, RBI said that, ‘Loans and Advances to Directors, Relatives and Firms/Institutions in which they are interested’ and ‘to their Customer’ on Associate Co-Operative Bank Limited, Surat (Gujarat) Know (KYC)’ has been imposed with a hefty fine of Rs 4 lakh for non-compliance with the master instructions.
Now RBI’s slant on cooperative banks
Along with this, RBI said in its statement that, a fine of one lakh rupees has been imposed on Varachha Sahakari Bank Limited, Surat for violation of certain norms of the Depositor Education and Awareness Fund Scheme, 2014. On the other hand, Mogveera Co-Operative Bank Limited, Mumbai has been fined Rs 2 lakh for non-compliance of certain instructions related to KYC norms. Vasai Janata Sahakari Bank, Palghar has also been slapped with a huge monetary fine of Rs 2 lakh.
Their names are also included with 8 banks.
Apart from these 8 banks, RBI has also imposed a fine of Rs 1 lakh on Rajkot People’s Co-operative Bank, Rajkot for contravention of directions on ‘Loans and advances to directors, relatives and firms/entities in which they are interested’ . RBI has imposed a fine of Rs 2 lakh on Bhadradri Co-operative Urban Bank. A fine of one lakh each has also been imposed on Jammu Central Co-operative Bank Ltd., Jammu and Jodhpur Nagarik Sahakari Bank, Jodhpur for violation of certain norms.
However, RBI said in its statement that the penalty is based on deficiencies in regulatory compliance and does not raise any question on the validity of any transaction or agreement entered into by banks with any of their respective customers. does.