Recently the Reserve Bank of India has taken major action against five banks. It is being told that RBI has imposed fine on banks for violating the rules. If you also have an account in these banks then this news is useful for you. Let us know in detail in the news below-
The Reserve Bank of India (RBI) on Thursday, November 30, imposed a financial penalty on Bank of America and HDFC Bank for violation of rules. Both these banks have been fined for violating rules related to accepting deposits from Non-Resident Indians (NRIs). The amount of fine is Rs 10,000. Apart from this, RBI has also imposed penalty on three co-operative banks of the country in a separate case. Even before this, RBI has recently imposed penalties on many co-operating banks.
In a separate statement, the Reserve Bank said that using the powers given to it under Section 11 (3) of the Foreign Exchange Management Act (FEMA) 1999, it has taken action against these two banks (HDFC Bank and Bank of America). Is of. Before taking action, show cause notices were issued to both the banks.
The statement said, “The Reserve Bank of India had issued show cause notices to both the banks, in response to which these banks responded in writing and then also gave oral arguments thereon. Considering all the facts of the case and the replies of the banks. After doing this, the Reserve Bank of India came to the conclusion that there was a confirmed violation of the rules and hence penalty was necessary.
RBI fine on co-operative
The Reserve Bank of India has also imposed penalties on three co-operative banks. All three are Urban Co-operative Banks (UCB). This includes Dhrangadhra People’s Co-operative Bank, Pataliputra Central Co-operative Bank and Mandal Nagarik Co-operative Bank. A fine of Rs 1 lakh has been imposed on Dhrangadhra People’s Co-operative Bank for violation of rules related to placement of deposits in another bank, the central bank said in a statement.
The Reserve Bank said, ‘This penalty has been imposed in exercise of the powers vested in the RBI under the provisions of Section 47-A (1) (c), Section 46 (4) (i) and Section 56 of the Banking Regulation Act 1949. .
The central bank said it has imposed a financial penalty of Rs 1.50 lakh on Bihar-based Patliputra Central Cooperative Bank for non-compliance of directions. Apart from this, RBI has also imposed a fine of Rs 1.50 lakh on Mandal Nagarik Cooperative Bank of Ahmedabad, Gujarat.
