look news india
Bank News: The action of Reserve Bank of India continues in the new financial year also. The central bank has imposed a penalty (RBI Imposed Monetary Penalty) on a co-operative bank on 16 April. Let us tell you that on Monday itself, RBI had imposed fine on 4 banks and ban on two banks.
Bank name and reason
RBI has imposed a financial penalty of Rs 3 lakh on Omkar Omkar Nagariya Sahakari Bank Limited (Kanpur) for violating the rules. This bank did not comply with the instructions issued under the Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks. In fact, this bank offers higher interest rates on fixed and savings deposits than the interest rates offered by State Bank of India. Also violated special instructions issued under SAS.
There will be no impact on customers
The Reserve Bank found lapses during statutory inspection. A notice was issued to the bank for not following the instructions. In which the question was asked “Why should the fine not be imposed?” The RBI decided to impose monetary penalty only after the bank's response to the notice and personal hearing. The central bank has made it clear that this action is based on deficiencies in regulatory compliance. This will not affect the validity of the transaction or agreement between the customer and the bank.