RBI Imposed A Collective Fine Of Nearly 12 Lakh Rupees On Co-operative And Other Banks

RBI Penalty on Banks: The Reserve Bank of India (RBI)...

RBI Penalty on Banks: The Reserve Bank of India (RBI) imposed a fine of about Rs 12 lakh on nine cooperative banks for violating various banking norms. In separate releases issued on Monday, the RBI said that nine banks have been fined Rs 11.60 lakh. It contains the names of all cooperative banks.

Know which banks were fined how much
A fine of Rs 3.10 lakh has been imposed on Berhampur Sahakari Urban Bank (Odisha), Rs 2.5 lakh on Osmanabad Janata Sahakari Bank, Maharashtra and Rs 2 lakh on Santrampur Urban Co-operative Bank Ltd, Gujarat. Apart from this, a fine of Rs one lakh each has been imposed on Zilla Sahakari Kendriya Bank, Madhya Pradesh, Jamshedpur Urban Co-operative Bank Limited, Jharkhand and Renuka Nagrik Sahakari Bank, Chhattisgarh.

RBI imposed penalty on these banks as well
At the same time, a fine of Rs 50,000 was imposed on Krishna Mercantile Co-operative Bank Ltd., Madhya Pradesh and Kendrapara Urban Co-operative Bank Ltd., Odisha. According to the release, a fine of Rs 25,000 has been imposed on Navanagar Co-operative Bank Limited, Gujarat.

What has RBI said
RBI has said that this action is based on deficiencies in regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by the said bank with its customers.

News Reels

The news of cancellation of license of a bank also came on November 12.
Recently, on November 12, there was news that the Reserve Bank of India had taken action on Babaji Date Mahila Sahakari Bank Limited and canceled its license. It is a co-operative bank of Yavatmal, Maharashtra and the financial condition of the bank was very bad for the last few months. The Reserve Bank has taken action on this bank for this reason and the RBI has banned any kind of transaction on the bank.

RBI takes regulatory action
The Reserve Bank of India (RBI) assesses the functioning of the banks from time to time and takes action against the banks which violate the rules. Recently, RBI has taken regulatory action on some other banks as well.

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