new Delhi. Reserve Bank of India (RBI) has imposed a fine of more than Rs 12 lakh on 8 cooperative banks of Madhya Pradesh, Maharashtra, West Bengal, Manipur, Gujarat, Himachal and Uttar Pradesh. These banks are accused of not transferring eligible unclaimed deposits to the Depositor Education and Awareness Fund, reporting frauds late and sanctioning unsecured loans.
The Reserve Bank of India has imposed the highest fine of Rs 4 lakh on Nabapalli Cooperative Bank, Barasat, West Bengal. It is worth noting that earlier the RBI took action on fintech firm Paytm for sharing data with Chinese companies and in an order of March 11 banned Paytm Payments Bank from adding new customers. Was.
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penalty imposed on these banks
Other banks that have been fined by RBI include District Co-operative Kendriya Bank Maryadit in Madhya Pradesh, Amravati Merchants’ Co-operative Bank in Maharashtra, Manipur Mahila in Manipur Sahakari Bank (Manipur Women’s Co-operative Bank), United India Co-operative Bank in Uttar Pradesh, Baghat Urban Co-operative Bank in Himachal and Navnirman Sahakari Bank in Gujarat ( Navnirman Co-operative Bank). Most of these banks have been fined Rs 1 lakh.
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At the same time, the lowest penalty has been imposed on Faiz Mercantile Co-operative Bank, Nashik, Maharashtra. The bank will have to pay a fine of Rs 25,000 for giving loans against the rules to the relative of a director. However, the RBI said That the penalty is based on deficiencies in regulatory compliance and does not call into question the validity of any transaction or agreement entered into by the banks with their respective customers.
Tags: bank, RBI
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