The Reserve Financial institution of India (RBI) has imposed a financial penalty on Hissar City Cooperative Financial institution Ltd and Andaman and Nicobar State Co-operative Financial institution Ltd for violation of banking norms.
RBI imposes financial penalty on Hissar City Cooperative Financial institution
The central financial institution has imposed a superb of ₹3 lakh on Hissar City Cooperative Financial institution Ltd for violation of banking norms.
The RBI has imposed the financial penalty by means of an order dated September 23, 2022. Hissar City Cooperative Financial institution Ltd, Hisar has been penalised for “contravention of Part 35A and part 36 (1) learn with Part 56 of the Banking Regulation Act, 1949.”
This penalty has been imposed in train of powers vested in RBI beneath the provisions of Part 47A(1)(c) learn with Part 46(4)(i) and Part 56 of the Banking Regulation Act, 1949, the RBI stated.
RBI imposes penalty on Andaman & Nicobar State Co-operative Financial institution
RBI on Monday stated it has imposed a financial penalty of ₹5 lakh on Andaman and Nicobar State Co-operative Financial institution Ltd for non-compliance with sure provisions of the banking legal guidelines.
The RBI stated it has issued an order on this regard dated September 22, 2022. Andaman & Nicobar State Co-operative Financial institution Ltd has been penalised for contravention of/non-compliance with the provisions of Part 20 learn with Part 56 of BR Act, 1949 (AACS).
This penalty has been imposed in train of powers vested in RBI beneath the provisions of Part 47 A (1) (c) learn with Part 46 (4) (i) and Part 56 of the Banking Regulation Act, 1949, making an allowance for the failure of the financial institution to stick to the aforesaid instructions issued by RBI.
This motion relies on deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its prospects, the RBI stated in a press release.
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