RBI
imposes Rs 60.3 lakh penalty on five co-operative banks
The Reserve Bank has imposed penalties totalling Rs 60.3 lakh on
five co-operative banks for contravention of various regulatory norms. A
penalty of Rs 43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for
non-compliance with RBI directions on ban on loans and advances to directors
and their relatives, and firms/concerns in which they are interested , prohibition
on opening of saving bank accounts in the names of certain bodies/organizations
and maintenance of deposit accounts .
The central bank has imposed a monetary penalty of Rs 5 lakh each
on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank
(Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand).
Besides, a penalty of Rs 2 has been imposed on District
Co-operative Bank (Dehradun).
In each case, the RBI said the penalties are based on deficiencies
in regulatory compliance and are not intended to pronounce upon the validity of
any transaction of agreement entered into by the banks with their respective
customers.
www.economictimes.indiatimes.com
dt. 19.04.2024