RBI imposed fine of lakhs of rupees on five banks for violating rules

Rate this post

The Reserve Bank of India (RBI) has imposed penalty on Rajkot Citizens Co-operative Bank, Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow), District Co-operative Bank Garhwal and District Co-operative Bank Dehradun. RBI has imposed a total fine of Rs 60.3 lakh on these five banks. The central bank said that penalties have been imposed on co-operative banks due to violation of various regulatory norms.




Mumbai The Reserve Bank of India (RBI) has imposed a total fine of Rs 60.3 lakh on five co-operative banks for violation of various regulatory norms. The co-operative banks on which RBI has imposed penalty include Rajkot Citizens Co-operative Bank, The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow), District Co-operative Bank, Garhwal and District Co-operative Bank, Dehradun.

Why were banks fined?

The Rajkot Nagrik Sahakari Bank has benefited the directors and their relatives and the firms/institutions in which they are interested. A fine of Rs 43.30 lakh has been imposed on the bank for non-compliance with RBI instructions.

The central bank has imposed a fine of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow) and District Co-operative Bank, Garhwal. Along with this, the company has imposed a penalty of Rs 2 lakh on District Co-operative Bank Dehradun. Giving information about imposition of fine on co-operative banks, he said that many penalties have been imposed on these banks for non-compliance of various regulatory rules. Additionally, the purpose of these penalties is not to affect the validity of any agreement or transaction made by banks with their respective customers.




Source

Visit www.cagurujiclasses.com for practical courses

Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Leave a Comment