RBI slaps fine of over ₹5 lakh on 3 co-operative banks. Details here
Premium- Nagrik Sahakari Bank Maryadit, Chhattisgarh and Jila Sahakari Kendriya Bank Maryadit in Panna and Satna are required to pay the fines to RBI
The Reserve Bank of India (RBI) has penalised three cooperative banks - Nagrik Sahakari Bank Maryadit, Chhattisgarh and Jila Sahakari Kendriya Bank Maryadit in Panna and Satna- for deficiencies in regulatory compliances.
The Nagrik Sahakari Bank Maryadit is required to pay a fine of ₹4.50 lakh 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 RBI said.
A fine of ₹1 lakh has been imposed 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.
Meanwhile, a penalty of ₹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.
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However, the central bank notified that the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers.
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