RBI Imposes Monetary Penalties on Co-operative Banks

• The Reserve Bank of India (RBI) has recently imposed monetary penalties on several co-operative banks for various regulatory violations. These penalties are based on deficiencies in regulatory compliance and are not intended to validate or invalidate any specific transactions or agreements entered into by the banks with their customers.
• A penalty of Rs 43.30 lakh has been imposed on this bank for non-compliance with RBI directions regarding loans and advances to directors and their relatives, prohibition on opening certain types of savings bank accounts, and maintenance of deposit accounts.
• A monetary penalty of Rs 5 lakh has been imposed on this bank by the RBI.
• The penalties stem from various regulatory compliance issues such as non-compliance with RBI directions regarding loans, advances, savings bank accounts, and maintenance of deposit accounts. These penalties serve as reminders for banks to adhere strictly to regulatory guidelines set forth by the RBI to ensure the stability and integrity of the banking system.

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Published date : 03 May 2024 05:47PM