RBI Penalty on Banks: RBI imposes penalty on these 5 cooperative banks, your account is not there!

RBI Latest Update : In the country, the Central Reserve Bank of India has imposed heavy fines on 5 co-operative banks for their negligence in implementing the rules in the interests of their customers. In the statement issued by the RBI, it has been said that action has been taken against the negligent banks.

fined them
RBI says that Karnataka State Co-operative Apex Bank based in Bengaluru has been fined Rs 25 lakh. This bank has not complied with the banking provisions relating to housing finance.

15 lakh fine
Thane-based Bharat Sahakari Bank Limited has been fined Rs 15 lakh for causing inconvenience to the customer in unauthorized electronic banking transactions.

2-2 lakh fine on these banks
RBI has sanctioned Rs 5 lakh on Rani Laxmibai Urban Co-operative Bank based in Jhansi, Rs 2 lakh on Nicholson Cooperative Town Bank based in Tanjore, Tamil Nadu and Rs 2 lakh on The Urban Cooperative Bank at Rourkela. Urban Co-operative Bank) has been fined Rs 10,000.

action taken earlier
The Central Bank (RBI) said that the decision to impose penalty on these cooperative banks has been taken on the basis of violation of the provisions of the rules of the banking regulator. Earlier, RBI had imposed penalty on 8 co-operative banks due to lapse in compliance with the rules. The maximum fine of Rs 55 lakh was imposed on this Visakhapatnam Co-operative Bank.

RBI keeps taking action
RBI keeps on taking regulatory action on cooperative and other banks of the country from time to time. However, as it is a banking regulator, it comes under the purview of RBI.

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