RBI Imposes Penalty: After imposing penalty on Kotak Mahindra Bank and IndusInd Bank last days, RBI has now imposed penalty on The Nashik Merchants Cooperative Bank and Maharashtra State Cooperative Bank.
RBI Imposes Penalty: The Reserve Bank of India (RBI) keeps on imposing penalty against banks from time to time for non-compliance of rules on the part of banks. Now the RBI has imposed a penalty on three cooperative banks including ‘The Nashik Merchants’ Cooperative Bank’ for the deficiency in regulatory compliance.
37.50 lakh fine on this Mumbai-based bank
, said in a statement issued by the Reserve Bank that for non-compliance with the instructions of the National Bank of Agriculture and Rural Development (NABARD) issued in the context of fraud reporting and monitoring, Mumbai-based ‘ A fine of Rs 37.50 lakh has been imposed on ‘Maharashtra State Cooperative Bank’.
50 lakh fine for violation of
norms A fine of Rs. A fine of two lakh has also been imposed on ‘National Central Cooperative Bank Limited’ located in Bettiah, Bihar.
A penalty of one crore each on two big banks was
clarified by RBI that this penalty has been imposed due to lapses in regulatory compliance. Earlier, the RBI had imposed a fine of about one crore rupees each on Kotak Mahindra Bank and IndusInd Bank. IndusInd Bank was fined for non-compliance with ‘Know Your Customer’ (KYC) norms.
