RBI took strict steps, fined these 3 banks, see full list here

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RBI took strict steps, fined these 3 banks, see full list here
RBI took strict steps, fined these 3 banks, see full list here

Keeping in view the safety of customers and violation of rules, Reserve Bank of India (RBI) often takes strict steps. Once again the RBI’s charge fell on 3 co-operative banks. According to various statements of RBI, strict action has been taken on 3 co-operative banks. 

These banks are accused of not following the rules. Taking action on the banks on Monday, RBI has imposed a fine of lakhs. Two cooperative banks of Madhya Pradesh are included in this list. Action has been taken against Dr. Ambedkar Nagarik Sahakari Bank Maryadit of Gwalior and Nagrik Sahakari Bank Maryadit of Vidisha. Ravi Commercial Urban Co-Operative Bank Limited is also included in this list.

The RBI imposed a fine of Rs 1.5 lakh on Dr Ambedkar Nagarik Sahakari Bank Maryadit of Gwalior. The central bank has imposed a penalty on this bank for non-compliance with certain instructions given by the RBI regarding the provisions of bank exposure. At the same time, RBI has imposed a fine of Rs 25,000 on Vidisha’s Nagrik Sahakari Bank Maryadit. According to the report, the rules related to KYC with this bank have not been followed properly.

Ravi Commercial Urban Co-Operative Bank Ltd had to become part of RBI’s action following default in payment of interest on term deposits. RBI has imposed a fine of Rs 1 lakh on this bank. Even before this, the RBI had taken strict action last month by taxing many banks and imposed fines on dozens of cooperative banks.