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.
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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).