The Reserve Bank of India has imposed a penalty on three cooperative banks, including Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh, for deficiencies in regulatory compliances.
A fine of Rs 4.50 lakh has been imposed on Nagrik Sahakari Bank Maryadit for contravention of the directions issued by the RBI to urban cooperative banks on exposure norms and statutory/other restrictions-UCBs and Know Your Customer (KYC), the central bank said.
The Reserve Bank has imposed a penalty of Rs 1 lakh on Jila Sahakari Kendriya Bank Maryadit, Panna for contravention of certain provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014 and KYC.
Also, a penalty of Rs 25,000 was imposed on Jila Sahakari Kendriya Bank Maryadit, Satna for non-compliance with the provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014.
The RBI, however, added the penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU