The Reserve Bank of India (RBI) has imposed penalty on Rajkot Citizens Co-operative Bank, Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow), District Co-operative Bank Garhwal and District Co-operative Bank Dehradun. RBI has imposed a total fine of Rs 60.3 lakh on these five banks. The central bank said that penalties have been imposed on co-operative banks due to violation of various regulatory norms.
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 co-operative 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 Co-operative Bank, Dehradun.
Why were banks fined?
The 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 non-compliance with RBI instructions.
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 imposed a penalty of Rs 2 lakh on District Co-operative Bank Dehradun.
Giving information about imposition of fine on co-operative banks, he said that many penalties have been imposed on these banks for non-compliance of various regulatory rules. Additionally, the purpose of these penalties is not to affect the validity of any agreement or transaction made by banks with their respective customers.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
