The Reserve Financial institution of India introduced penalties in opposition to 13 cooperative banks on Monday for breaking numerous regulatory requirements. In response to the RBI, fines are based mostly on regulatory compliance shortcomings and are usually not meant to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects
The penalties vary between ₹50,000 and ₹4 lakh.
Listing of banks penalised by RBI
– The utmost penalty of ₹4 lakh has been imposed on Shri Kanyaka Nagari Sahakari Financial institution, Chandrapur
– ₹2.50 lakh tremendous on The Vaidyanath City Co-operative Financial institution, Beed.
– A penalty of ₹2 lakh has been slapped on Wai City Co-operative Financial institution, Satara
– A penalty of ₹2 lakh has additionally been imposed on Indore Premier Co-operative Financial institution, Indore.
– For contravention of varied norms, a penalty of ₹1.50 lakh has been imposed on Patan Nagarik Sahakari Financial institution, Patan
– The Tura City Cooperative Financial institution, Meghalaya has additionally been slapped with a penalty of ₹1.59 lakh
The opposite banks on which have penalties been imposed are:
– Nagrik Sahakari Financial institution Maryadit, Jagdalpur
– Jijau Business Co-operative Financial institution, Amravati
– Japanese & North-East Frontier Railway Co-op Financial institution, Kolkata
– Jila Sahakari Kendriya Financial institution Maryadit, Chhatarpur
– Nagrik Sahakari Financial institution Maryadit, Raigarh
– Jila Sahakari Kendriya Financial institution Maryadit, Bilaspur
– Jila Sahakari Kendriya Financial institution Maryadit, Shahdol
(With inputs from PTI)
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