Reserve Bank of India (RBI) has imposed penalty on 3 co-operative banks for violating the rules. A fine of Rs 5 lakh has been imposed on these three banks by RBI. Of these, two banks are from Maharashtra and one from West Bengal.
Reserve Bank of India (RBI) has imposed penalty on 3 co-operative banks for violating norms. A fine of Rs 5 lakh has been imposed on these three banks by the RBI. Of these, two banks are from Maharashtra and one from West Bengal. Earlier in March also, the Reserve Bank had fined 8 banks for not following the rules.
RBI gave information
RBI has issued a statement for this, saying, ‘Yashwant Cooperative Bank Limited based at Phalton has been fined Rs 2 lakh for non-compliance of its instructions on income, asset classification, provisions and other issues. . Mumbai-based Konkan Mercantile Co-Operative Bank Ltd has also been fined Rs 2 lakh. Similarly, a fine of Rs 1 lakh has also been imposed on the Samata Cooperative Development Bank based in Kolkata.
Earlier also 8 banks were fined
It is worth noting that before this Reserve Bank of India (RBI) also on March 14, 2022, on 8 co-operative banks of Madhya Pradesh, Maharashtra, West Bengal, Manipur, Gujarat, Himachal and Uttar Pradesh, more than Rs. was fined. These banks were also fined for not following the rules and instructions of the Reserve Banks.
Under this, RBI has appointed Manipur Mahila Sahakari Bank Limited (Manipur), United India Sahakari Bank Limited (Uttar Pradesh), District Cooperative Central Bank (Narsinghpur), Amravati Merchant Sahakari Bank Limited (Amravati), Faiz Mercantile Sahakari Bank Limited (Nashik) and Navnirman. Sahakari Bank Limited (Ahmedabad) was fined.
Data shared from China
Earlier, RBI had acted against fintech firm Paytm, showing strictness in sharing data with Chinese companies. Significantly, on March 11, RBI issued an order prohibiting Paytm Payments Bank from adding new customers..
