RBI imposed penalty on these 3 banks, check quickly whether your account is not there…!

Reserve Bank of India: The Reserve Bank of India (RBI) has imposed a penalty on three banks. A total of 5 lakh fines have been imposed on these banks. This penalty has been imposed for lack of regulatory compliance. The central bank said in a statement that the Baramulla Central Co-Operative Bank Limited of Jammu and Kashmir has been fined Rs 2 lakh for contravention of RBI’s directions on prohibition of acceptance of fresh deposits.

RBI imposed penalty on this bank
RBI said it has imposed a fine of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No. 3) for non-compliance with the directions issued under the loan rules and statutory/other restrictions.

Penalty imposed for violating rules
In another release, the central bank said it has imposed a fine of Rs 1 lakh on Chennai Central Co-operative Bank for non-compliance and violation of certain directions in respect of income recognition, asset classification, provision and other related matters.

Earlier this bank was also fined
Let us tell you that earlier the Reserve Bank of India (RBI) had imposed several restrictions on Indian Mercantile Cooperative Bank Limited, Lucknow, including a withdrawal limit of one lakh rupees. According to the RBI, these restrictions came into effect from business hours on January 28, 2022 (Friday).

RBI said in a statement on Friday that the Lucknow-based cooperative bank will not issue any loan, advance or renew and will not be able to make any investment without its approval.

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