The Reserve Bank of India (RBI) has imposed penalty on eight co-operative banks. The RBI said that a fine of Rs one lakh has been imposed on Varachha Sahakari Bank Limited, Surat for violation of certain norms of the Depositor Education and Awareness Fund Scheme, 2014. Mogveera Co-Operative Bank Limited, Mumbai has been fined Rs 2 lakh for non-compliance of certain instructions related to KYC norms.
The Reserve Bank of India (RBI) has imposed penalties on eight co-operative banks for deficiencies in regulatory compliance. The central bank gave this information on Monday. RBI said the Associate Co-Operative Bank Ltd., Surat (Gujarat) on ‘Loans to Directors, Relatives and Firms/Entities in which they are interested’ and non-compliance of Master Directions on ‘Know Your Customer (KYC)’ Four lakh rupees have been imposed for
The RBI said that a fine of Rs one lakh has been imposed on Varachha Sahakari Bank Limited, Surat for violation of certain norms of the Depositor Education and Awareness Fund Scheme, 2014. Mogveera Co-Operative Bank Limited, Mumbai has been fined Rs 2 lakh for non-compliance of certain instructions related to KYC norms.
A monetary fine of Rs 2 lakh has also been imposed on Vasai Janata Sahakari Bank, Palghar for giving loans to close people . In addition, RBI has imposed a fine of Rs one lakh on Rajkot People’s Co-operative Bank, Rajkot for contravention of the directions on ‘Loans and advances to directors, relatives and firms/entities in which they are interested’.
RBI has imposed a fine of Rs 2 lakh on Bhadradri Co-operative Urban Bank. A fine of one lakh each has been imposed on Jammu Central Co-operative Bank Ltd., Jammu and Jodhpur Nagarik Sahakari Bank, Jodhpur for violation of certain norms.
RBI, however, said the penalty is based on deficiencies in regulatory compliance and does not question the validity of any transaction or agreement entered into by banks with their respective customers.
