The Reserve Bank of India (RBI) has imposed a fine of Rs 1.50 lakh on Andersul Urban Co-operative Bank. Andersul falls in Maharashtra. Mahesh Urban Co-operative Bank, which runs in Ahmednagar, Maharashtra, has been fined Rs 1 lakh.
Reserve Bank of India (RBI) has imposed penalty on four co-operative banks. The amount of fine is Rs 4 lakh. reserve Bank As per regulatory rules (Regulatory compliances) and non-compliance of the guidelines, these co-operative banks (cooperative banks) has been fined against. This type of action happens frequently and strict action is taken against the banks which do not follow the guidelines set by the Reserve Bank. In addition to fines, sanctions are also imposed in the action. Information about the fines imposed against these banks has been given in the press release.
Four separate press releases have pointed out that the penalty has been imposed for deficiencies in compliance with regulatory rules and is not intended to question the validity of any transaction or agreement entered into by banks with their customers. This means that despite the penalty imposed on these cooperative banks, there will be no effect on the transactions or accounts of the customers.
The Reserve Bank has imposed a fine of Rs 1.50 lakh on Andersul Urban Co-operative Bank. Andersul falls in Maharashtra. Mahesh Urban Co-operative Bank, which runs in Ahmednagar, Maharashtra, has been fined Rs 1 lakh. Similarly, the Reserve Bank has imposed a fine of Rs 50,000 on Nanded Merchant Co-operative Bank located in Nanded, Maharashtra. All these banks have been fined for ignoring the rules and regulations.
According to the Reserve Bank, co-operative banks have been fined for not following the guidelines of the ‘Board of Directors and Exposure Norms’. The Reserve Bank has said that a fine of Rs 1 lakh has been imposed against Shahdol-based District Co-operative Central Bank Maryadit. This bank has violated the rules of the Banking Regulation Act, 1949. Also, the instructions of Depositor Education and Awareness Fund Scheme 2014 and KYC were not followed on which RBI has acted.(News updating)