RBI Imposes Monetary Penalties: The Reserve Bank has imposed a fine on 9 large cooperative banks. If you also have an account in these banks, then read this news immediately.
RBI Canceled Bank License: If you are also a bank account holder, then there is important news for you. The Reserve Bank of India (RBI) has canceled the license of a big bank. The Reserve Bank of India (RBI) has imposed a fine of about Rs 12 lakh on nine cooperative banks for violating various banking norms. In separate releases issued on Monday, the central bank said that a fine of Rs 11.60 lakh has been imposed on nine cooperative banks.
Fine imposed on these banks
According to information provided by RBI, the central bank has imposed an interest of Rs 3.10 lakh on Berhampur Sahakari Urban Bank (Odisha), Rs 2.5 lakh on Osmanabad Janata Sahakari Bank, Maharashtra and Rs 2 lakh on Santrampur Urban Co-operative Bank Ltd, Gujarat. Fine has been imposed. Apart from this, a fine of Rs one lakh each has been imposed on Zila Sahakari Kendriya Bank Limited, Madhya Pradesh, Jamshedpur Urban Cooperative Bank Limited, Jharkhand and Renuka Nagrik Sahakari Bank Limited, Chhattisgarh.
According to the information given by RBI, according to the release, a fine of Rs 25,000 has been imposed on Navanagar Co-operative Bank Limited, Gujarat. Along with this, a fine of Rs 50,000 has also been imposed on Krishna Mercantile Co-operative Bank Ltd., Madhya Pradesh and Kendrapara Urban Co-operative Bank Ltd., Odisha. is of.
What is the reason for cancellation of license?
RBI has also given the reason for imposing penalty on these banks. The central bank has said that this action is based on deficiencies in regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by the said bank with its customers. That is, RBI has definitely imposed a fine on the bank, but this strictness will not affect the customers. Significantly, even before this, the central bank has imposed fine on many co-operative banks and canceled the license of many.
