Reserve Financial institution of India (RBI) slapped high-quality of a complete of ₹4 lakh on 4 cooperative banks for deficiencies in regulatory compliances. The banks are Andarsul City Co-operative Financial institution, Andarsul (Maharashtra), Mahesh City Cooperative Financial institution, Ahmedpur, Maharashtra, The Nanded Service provider’s Cooperative Financial institution, Nanded, on Jila Sahakari Kendriya Financial institution Maryadit, Shahdol.
Based on 4 separate releases, the penalties are primarily based on deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects.
RBI imposed a penalty of ₹1.50 lakh on Andarsul City Co-operative Financial institution, Andarsul (Maharashtra) whereas a high-quality of ₹1 lakh has been imposed on Mahesh City Cooperative Financial institution, Ahmedpur, Maharashtra. Additionally, a high-quality of ₹50,000 has been slapped on The Nanded Service provider’s Cooperative Financial institution, Nanded.
These banks are going through penalties for non-adherence with instructions issued by the central financial institution on “board of administrators and publicity norms & statutory/different restrictions-UCBs.”
A high-quality of ₹1 lakh has been imposed on Jila Sahakari Kendriya Financial institution Maryadit, Shahdol, for non-compliance with the provisions of Banking Regulation Act 1949, Depositor Training and Consciousness Fund Scheme 2014, and instructions on Know Your Buyer
Supply: Live Mint