RBI Action: Reserve Bank imposed fine on 4 cooperative banks, know why the big decision was taken

Fine on Banks: The Reserve Bank of India has imposed a fine on four co-operative banks for some mistakes.  

The Reserve Bank of India (RBI) has imposed a total fine of Rs 4 lakh on four cooperative banks for lapses in regulatory compliance. According to four separate statements issued by the central bank, this penalty has been imposed for compliance lapses.

It is not intended to raise questions about the validity of transactions or agreements entered into by banks with their customers.

how much penalty on which bank

The Reserve Bank has imposed a fine of Rs 1.5 lakh on Andersul Urban Co-operative Bank in Maharashtra and Rs 1 lakh on Mahesh Urban Co-operative Bank, Ahmedpur, Maharashtra.

A fine of Rs 50,000 has been imposed on Nanded Merchant Cooperative Bank, Nanded in Maharashtra. Apart from this, a fine of Rs one lakh has been imposed on District Co-operative Central Bank Maryadit in Shahdol, Madhya Pradesh.