look news india
Mumbai The Reserve Bank of India (RBI) has imposed a total fine of Rs 60.3 lakh on five co-operative banks for violation of various regulatory norms. The cooperative banks on which RBI has imposed penalty include Rajkot Citizens Cooperative Bank, The Kangra Cooperative Bank (New Delhi), Rajdhani Nagar Cooperative Bank (Lucknow), District Cooperative Bank, Garhwal and District Cooperative Bank. -Operative Bank, Dehradun.
Why were fines imposed on banks?
Rajkot Nagrik Sahakari Bank has benefited the directors and their relatives and the firms/institutions in which they are interested. A fine of Rs 43.30 lakh has been imposed on the bank for not following the instructions of RBI.
The central bank has imposed a fine of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow) and District Co-operative Bank. . , Garhwal. Along with this, the company has also imposed a fine of Rs 2 lakh on District Cooperative Bank Dehradun.
Giving information about fines imposed on cooperative banks, he said that many fines have been imposed on these banks for non-compliance of various regulatory rules. Additionally, these penalties are not intended to affect the validity of any agreements or transactions entered into by banks with their respective customers.