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RBI imposed fine on 8 cooperative banks simultaneously, action for laxity in rules

RBI imposed fine on 8 cooperative banks simultaneously, action for laxity in rules

Aug 09, 2022 | 8:18 am

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Reserve Bank of India (RBI) has fined eight cooperative banks in case of violation of several rules. Mehsana Urban Co-operative Bank of Gujarat has been fined Rs 40 lakh. According to the Reserve Bank, Mehsana Urban Co-operative Bank has been fined for not following some provisions of Reserve Bank of India (Cooperative Bank-Interest Rate) Instructions, 2016. The central bank said in a statement on Monday that Indapur Urban Cooperative Bank of Maharashtra has been fined seven lakh rupees for violation of some provisions related to loan. -Know your customer on the operative bank, Varud, District Cooperative Central Bank Maryadit, Chhindwara and Yavatmal Urban Co-operative Bank of Maharashtra, Yavatmal, know your customer (KYC) for violance in the norms. Apart from this, Chhattisgarh State Cooperative Bank Maryadit, Raipur has been fined Rs 25 lakh for not following some KYC provisions. Apart from this, a cooperative bank of Guna and Goa State Cooperative Bank of Panaji have also been fined.

Earlier in July, the Reserve Bank had fined two cooperative banks of Uttar Pradesh. This action was taken by the Reserve Bank under the Banking Regulation Act. Among the cooperative banks against which action has been taken, Lucknow Co-operative Bank and Urban Co-operative Bank Limited, Sitapur are named. Till further orders, customers of these two banks will not be able to withdraw limited amounts of money from their account. The Reserve Bank has banned the next 6 months against both the banks. According to the order, customers of Lucknow Urban Co-operative Bank will not be able to withdraw more than Rs 30,000. This has been said in the RBI statement. Customers of Urban Co-operative Bank of Sitapur will be able to withdraw up to Rs 50,000 from their account.

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August 9th 2022, 2:55 am
Amitesh Kumar
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