look news india
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalties on five co-operative banks that broke rules. These include Pragati Mahila Nagrik Cooperative Bank, Janata Cooperative Bank, District Cooperative Central Bank, Karad Urban Cooperative Bank and The Kalupur Commercial Cooperative Bank.
How much fine on whom?
The central bank has approved Rs 26.60 lakh on The Kalupur Commercial Co-operative Bank, Rs 13.30 lakh on Karad Urban Co-operative Bank, Rs 5 lakh on Janata Co-operative Bank, Rs 1 lakh on Pragati Mahila Nagrik Co-operative Bank. District Cooperative Central Bank. A fine of Rs 75 thousand has been imposed on him.
What is the reason for the fine?
The penalty was imposed on Kalupur Commercial Cooperative Bank because the bank did not transfer the eligible amount to the Depositor Education and Awareness Fund within the stipulated period. RBI said that Karad Urban Co-operative Bank was penalized for non-compliance of certain instructions issued by RBI on 'Interest Rate on Deposits'.
Further, Janata Sahakari Bank has been fined for sanctioning gold loans in excess of the prescribed regulatory limit under the Bullet Repayment Scheme and for sanctioning loans to its nominal members in excess of the prescribed regulatory limit.
