RBI said that the penalty on each of these 5 banks is based on deficiencies in regulatory compliance and is not intended to impose an order on the validity of any transaction or agreement entered into by the bank with its customers.
The Reserve Bank of India (RBI) has penalized five cooperative banks of Gujarat for lapses in compliance with its regulations. RBI has imposed a fine ranging from Rs 50,000 to Rs 5 lakh on him in the last one month. In separate statements on Thursday, the central bank said that in the order issued on December 13, 2023, it has imposed a penalty on Vadodara’s ‘Shri Bharat Sahakari Bank’ for failing to comply with its guidelines on keeping deposits in other banks along with interest on deposits since 2016. Imposed a fine of Rs 5 lakh for violating the rules.
RBI said that the penalty on each of these 5 banks is based on deficiencies in regulatory compliance and is not intended to impose an order on the validity of any transaction or agreement entered into by the bank with its customers. In another case, RBI, in an order issued on December 7, 2023, has fined ‘Sankheda Nagrik Cooperative Bank’ located at Sankheda in Chhota Udaipur district of Gujarat for non-compliance of instructions in giving loans and advances to directors, relatives and desired firms/institutions. and imposed a fine of Rs 5 lakh on violation of norms by primary co-operative banks on deposits in other banks.
The central bank, in an order issued on December 8, 2023, has imposed a fine of Rs 1.50 lakh on ‘Bhuj Commercial Co-operative Bank’, located in Kutch district of Gujarat, for non-compliance with KYC (Know Your Customer) instructions and non-payment of interest rates on deposits. Imposed a fine of Rs.
RBI, in its order dated December 13, imposed a fine of Rs 50,000 on ‘Limdi Municipal Co-operative Bank’ located at Limdi in Dahod district of Gujarat for non-compliance of deposit rates. RBI, in another order dated December 7, 2023, imposed a fine of Rs 1.50 lakh on Gujarat-based Co-operative Urban Bank at Paralakhemundi for non-compliance of various directions.
