The Reserve Bank of India (RBI) has imposed a total fine of Rs 5 lakh on 3 co-operative banks for not complying with its instructions. Of the banks that have been fined, two banks are located in Maharashtra and one in West Bengal.
The Reserve Bank of India (RBI) has imposed a fine on 3 co-operative banks for violating the rules.
A fine of Rs 5 lakh has been imposed on the three banks. Among the banks that have been fined, 2 banks are from Maharashtra and one is from West Bengal. In March also, the Reserve Bank had fined 8 banks for not following the rules.
The Reserve Bank said in a statement that the Phaltan-based Yashwant Cooperative Bank Limited has been fined Rs 2 lakh for non-compliance with its directions on income, asset classification, provisions and other issues.
Mumbai-based Konkan Mercantile Co-Operative Bank Ltd has also been fined Rs 2 lakh. Similarly, a fine of Rs 1 lakh has also been imposed on the Samata Cooperative Development Bank based in Kolkata.
In March also, 8 banks were fined
12 lakhs by Reserve Bank of India (RBI) on March 14, 2022 also on 8 cooperative banks of Madhya Pradesh, Maharashtra, West Bengal, Manipur, Gujarat, Himachal and Uttar Pradesh. was fined more than Rs. This penalty was imposed for not following the rules and instructions of the Reserve Banks.
Reserve Bank of India has appointed Manipur Mahila Sahakari Bank Limited (Manipur), United India Sahakari Bank Limited (Uttar Pradesh), District Co-operative Central Bank (Narsinghpur), Amravati Merchant Co-Operative Bank Limited (Amravati), Faiz Mercantile Sahakari Bank Limited (Nashik) and Navnirman. Sahakari Bank Limited (Ahmedabad) was fined.
Earlier, RBI had taken action against fintech firm Paytm for sharing data with Chinese companies. In an order dated March 11, the Reserve Bank of India prohibited Paytm Payments Bank from adding new customers.
