RBI imposes hefty fines on 3 co-operative banks for non-compliance, know main points


The Reserve Financial institution of India on 11 July imposed penalty on 3 cooperatives banks, together with Maharashtra-based Nasik Product owner’s Co-operative Financial institution, for deficiencies in regulatory compliance.

The banks on which the RBI imposed consequences come with – Nasik Product owner’s Co-operative Financial institution Ltd in Nashik, Maharashtra State Co-operative Financial institution Ltd in Mumbai and Nationwide Central Cooperative Financial institution Restricted in Bettiah.

In 3 separate statements, the RBI fined 50 lakhs on Nasik Product owner’s Co-operative Financial institution Ltd, 37,50,000 on Maharashtra State Co-operative Financial institution Ltd and 2 lakh on Nationwide Central Cooperative Financial institution Restricted respectively.

ALSO READ: RBI units up mechanism to settle global business bills in rupees

Elaborating extra main points, the RBI commentary mentioned that the positive on Nasik Product owner’s Co-operative Financial institution Ltd was once imposed for non-compliance with the instructions issued through RBI on ‘Placement of deposits with different banks’ and ‘Pastime Charge on Deposits’.

The Maharashtra State Co-operative Financial institution Ltd must pay positive for non-compliance with the instructions issued through NABARD on ‘Frauds – Pointers for Classification, Reporting and Tracking’.

Whilst, on Nationwide Central Cooperative Financial institution Restricted, RBI imposed the positive non-compliance with the instructions issued through RBI at the depositor training and consciousness fund and, Know Your Buyer (KYC).

Subscribe to enewsapp Newsletters

* Input a sound e-mail

* Thanks for subscribing to our e-newsletter.

Leave a Comment