RBI imposed penalty: The Reserve Bank of India has imposed a penalty on 2 co-operative banks of Maharashtra.
RBI imposed penalty: Ignoring the laws has cost banks dearly again. The Reserve Bank of India has imposed a fine on 2 cooperative banks of Maharashtra. While the Greater Bombay Co-Operative Bank Ltd has been fined Rs 25 lakh, Jalna Peoples Co-operative Bank Ltd has been fined Rs 50,000.Also Read:How to check lpg cylinder subsidy in account, here is the process
RBI’s strict action
The Reserve Bank of India (RBI) has imposed monetary penalty on Maharashtra’s Greater Bombay Co-operative Bank Ltd and Jalna People’s Co-operative Bank Ltd for non-compliance with the directions of the central bank’s urban co-operative banks. RBI said in a statement on Friday that it has imposed a monetary penalty of Rs 25 lakh on Greater Bombay Co-operative Bank Ltd for non-compliance with the guidelines issued by it on fraud, change in monitoring in UCBs.Also Read:Check your name in voter list on just one phone call information about, how to add also provided
People’s Co-operative Bank also fined
In the case of Jalna People’s Co-operative Bank Ltd, the Reserve Bank has imposed a penalty of Rs 50,000 for violation or non-compliance with the directions issued to UCBs on the Board of Directors and exposure norms and statutory/otherwise. RBI has said that, this penalty has been imposed in exercise of the powers vested in RBI under the provisions of section 47A(1)(c) read with section 46(4)(1) and section 56 of the Banking Regulation Act, 1949. Has gone.Also Read:Know how to apply for voter id card online before UP vidhansabha chunav
The failure of the bank to comply with the directions issued by RBI was taken into account. The Reserve Bank has said that the action in both the cases is based on deficiencies in regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by banks with their customers.Also Read:Reliance jio phone next launch september 10 check price in india specifications features and other detai
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