RBI Action: On April 25, the Reserve Bank of India (RBI) has imposed a fine on five co-operative banks citing violation of rules.
RBI Action: On April 25, the Reserve Bank of India (RBI) has imposed a fine on five co-operative banks citing violation of rules. The banks on which fine has been imposed include UP based Sadbhav Nagrik Sahakari Bank Limited, Bilaspur based Bilaspur Nagrik Cooperative Bank, West Bengal based The Bishnupur Town Cooperative Bank Limited, Maharashtra based Dr. Jaiprakash Mundada Urban Cooperative Bank Limited and Gorakhpur based Municipal Cooperative Bank. Ltd. are included.
RBI’s action has been taken after inspection of these banks and issuing separate show cause notices.
“In the case of Sadbhav Nagarik Sahakari Bank, RBI fine of Rs 1 lakh for non-adherence to the Operational Structure issued by RBI under the Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs),” RBI said. Is related to.
RBI said, “Similarly, in the case of Bilaspur Nagarik Cooperative Bank, RBI said that the violation pertains to non-compliance of instructions issued by RBI to Urban Cooperative Banks on Exposure Norms & Statutory/Other Restrictions-UCBs.”
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