Big action of Reserve Bank, fine imposed on these 8 cooperative banks

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Highlights

  • RBI fines 8 co-operative banks for deficiencies in regulatory compliance
  • RBI said the penalty is based on deficiencies in regulatory compliance
  • It does not question the validity of any transaction or agreement by banks.

Mumbai. The Reserve Bank of India (RBI) has imposed penalties on eight co-operative banks for deficiencies in regulatory compliance. Giving this information on Monday, the central bank said that on ‘Loans and Advances to Directors, Relatives and Firms/Entities in which they are interested’ and ‘Know Your Customer’ on Associate Co-operative Bank Limited, Surat (Gujarat) KYC)’ has been imposed with a fine of Rs.4 lakh for non-compliance with the master instructions.

The RBI said that a fine of Rs one lakh has been imposed on Varachha Sahakari Bank Limited, Surat for violation of certain norms of the Depositor Education and Awareness Fund Scheme, 2014. Mogveera Co-Operative Bank Ltd., Mumbai has been fined Rs 2 lakh for non-compliance of certain instructions related to KYC norms. A monetary fine of Rs 2 lakh has also been imposed on Vasai Janata Sahakari Bank, Palghar.

In addition, RBI has imposed a fine of Rs one lakh on Rajkot People’s Co-operative Bank, Rajkot for contravention of the directions on ‘Loans and advances to directors, relatives and firms/entities in which they are interested’. A fine of Rs 2 lakh has been imposed on the RBI on Bhadradri Co-operative Urban Bank. A fine of one lakh each has been imposed on Jammu Central Co-operative Bank Ltd., Jammu and Jodhpur Nagarik Sahakari Bank, Jodhpur for violation of certain norms.

RBI, however, said the penalty is based on deficiencies in regulatory compliance and does not question the validity of any transaction or agreement entered into by banks with their respective customers.

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