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