PremiumThe Reserve Bank of India on Monday announced penalties on 13 cooperative banks for contravention of various regulatory norms
The Reserve Bank of India announced penalties against 13 cooperative banks on Monday for breaking various regulatory standards. According to the RBI, fines are based on regulatory compliance shortcomings and are not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers
The penalties range between ₹50,000 and ₹4 lakh.
- The maximum penalty of ₹4 lakh has been imposed on Shri Kanyaka Nagari Sahakari Bank, Chandrapur
- ₹2.50 lakh fine on The Vaidyanath Urban Co-operative Bank, Beed.
- A penalty of ₹2 lakh has been slapped on Wai Urban Co-operative Bank, Satara
- A penalty of ₹2 lakh has also been imposed on Indore Premier Co-operative Bank, Indore.
- For contravention of various norms, a penalty of ₹1.50 lakh has been imposed on Patan Nagarik Sahakari Bank, Patan
- The Tura Urban Cooperative Bank, Meghalaya has also been slapped with a penalty of ₹1.59 lakh
The other banks on which have penalties been imposed are:
- Nagrik Sahakari Bank Maryadit, Jagdalpur
- Jijau Commercial Co-operative Bank, Amravati
- Eastern & North-East Frontier Railway Co-op Bank, Kolkata
- Jila Sahakari Kendriya Bank Maryadit, Chhatarpur
- Nagrik Sahakari Bank Maryadit, Raigarh
- Jila Sahakari Kendriya Bank Maryadit, Bilaspur
- Jila Sahakari Kendriya Bank Maryadit, Shahdol
(With inputs from PTI)