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RBI imposes monetary penalty on six banks for rule violation

These banks include Aligarh Zila Sahkari Bank Delhi Nagrik Sehkari BankKolkata Police Co-operative Bank Ltd, Mehsana District Central Co-operative Bank Ltd, Vyapari Sahakari Bank Maryadit, and Shri. Ganesh Sahakari Bank Ltd.

March 27, 2023 / 05:54 PM IST
Reserve Bank of India

Reserve Bank of India

The Reserve Bank of India (RBI) on March 27 said that it has imposed monetary penalties on six banks for violating rules and not complying with norms.

The monetary penalties on these banks ranged between Rs 1.10 lakh and Rs 3 lakh.

A penalty of Rs 2 lakh was imposed on Aligarh Zila Sahkari Bank and Rs 3 lakh on Delhi Nagrik Sehkari Bank.

The central bank has imposed Rs 1.10 lakh on Kolkata Police Co-operative Bank and Rs 2.10 lakh on Mehsana District Central Co-operative Bank.

It also imposed Rs 2 lakh each on Vyapari Sahakari Bank Maryadit and Shri. Ganesh Sahakari Bank Ltd, the central bank said in separate releases to the media.

The fines were imposed for violation of the Banking Regulation Act, 1950 and non-compliance with specific directions relating to interest rates on deposits.

This action was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by banks with their customers, the RBI said.

Moneycontrol News
first published: Mar 27, 2023 04:21 pm