Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Tue, 01 Mar 2022 04:57 PM IST
Summary
RBI Imposes Penalty On 3 Cooperative Banks: Taking a major action, the Reserve Bank of India (RBI) has taken action to impose penalty on three cooperative banks on Tuesday. Out of these, one bank is from Chhattisgarh, while two government banks are from Madhya Pradesh. This action of penalty has been taken for deficiencies in compliance rules.
The Reserve Bank of India has imposed a fine on three cooperative banks of Madhya Pradesh and Chhattisgarh. According to a report, this major action has been taken due to deficiencies in regulatory compliance. The central bank has imposed a total fine of Rs 5.5 lakh on these three banks.
Action taken on these three banks
The three banks on which the penalty action has been taken. Apart from their citizen cooperative bank Maryadit, Raipur, Chhattisgarh, District Co-operative Central Bank Maryadit, Panna and District Co-operative Central Bank Maryadit, Satna are included. The highest penalty has been imposed on the Chhattisgarh-based bank. The central bank said that a penalty of Rs 4.50 lakh has been imposed on Nagrik Sahakari Bank Maryadit for non-compliance deficiencies besides violation of directions issued by RBI on Know Your Customer (KYC).
no effect on customers
The Reserve Bank has imposed a fine of Rs 1 lakh on District Co-operative Central Bank Maryadit, Panna for violation of certain provisions of the Banking Regulation Act, 1949, Depositor Education and Awareness Fund Scheme, 2014 and KYC. For these shortcomings, a fine of Rs 25,000 has also been imposed on District Co-operative Central Bank Limited, Satna. The RBI said that these actions are based on deficiencies in compliance and are not intended to affect any transactions carried out by banks with their respective customers.
Expansion
The Reserve Bank of India has imposed a fine on three cooperative banks of Madhya Pradesh and Chhattisgarh. According to a report, this major action has been taken due to deficiencies in regulatory compliance. The central bank has imposed a total fine of Rs 5.5 lakh on these three banks.
Action taken on these three banks
The three banks on which the penalty action has been taken. Apart from their citizen cooperative bank Maryadit, Raipur, Chhattisgarh, District Co-operative Central Bank Maryadit, Panna and District Co-operative Central Bank Maryadit, Satna are included. The highest penalty has been imposed on the Chhattisgarh-based bank. The central bank said that a penalty of Rs 4.50 lakh has been imposed on Nagrik Sahakari Bank Maryadit for non-compliance deficiencies besides violation of directions issued by RBI on Know Your Customer (KYC).
no effect on customers
The Reserve Bank has imposed a fine of Rs 1 lakh on District Co-operative Central Bank Maryadit, Panna for violation of certain provisions of the Banking Regulation Act, 1949, Depositor Education and Awareness Fund Scheme, 2014 and KYC. For these shortcomings, a fine of Rs 25,000 has also been imposed on District Co-operative Central Bank Limited, Satna. The RBI said that these actions are based on deficiencies in compliance and are not intended to affect any transactions carried out by banks with their respective customers.