RBI News: Reserve Bank of India has imposed a fine on two co-operative banks. RBI says that both the banks have violated the rules of the Banking Regulation Act, let’s know the latest update.
RBI Imposes Restrictions on Two Cooperative Banks: Nowadays everyone’s accounts are in some bank or the other. In such a situation, there is important news for bank customers. Reserve Bank of India imposed penalty on 2 co-operative banks. One of these is the Rajgurunagar Co-operative Bank in Pune and the other is the Co-operative Bank of Rajkot, Gujarat. A fine of Rs 4 lakh has been imposed on Rajgurunagar Sahakari Bank and Rs 2 lakh on another Co-operative Bank of Rajkot.
RBI gave information
According to the information given by the RBI, Rajgurunagar Co-operative has been found guilty of violating the guidelines of the central bank regarding interest rates and deposits. At the same time, the Co-operative Bank of Rajkot has disregarded the rules related to the awareness scheme. In such a situation, the central bank has to take this step.
The report came out in the investigation
RBI had ordered an inquiry for this. The investigation report revealed that the Rajgurunagar Co-operative Bank did not hand over the amount lying in the current accounts of the deceased account holders to its claimants. In such a situation, the claimants were facing problems. RBI had issued a notice to the bank earlier, but the RBI was not satisfied with the written reply of the bank and imposed a penalty on it for violating the guidelines.
Know what RBI said
The central bank issued a statement and said that this penalty has been imposed on the bank for being found guilty under section 56, section 46 (4) and section 47A (1) (c) of the Banking Regulation Act 1949. However, on this move, RBI said that this order will not affect any transaction or customers of the bank.
Co-Operative Bank Of Rajkot
Now let’s talk about Co-operative Bank of Rajkot, RBI said that in the examination of the financial documents of the bank, it was found that it had not transferred the amount kept in the Depositor Education and Awareness Fund for more than 10 years. Actually, this is also a violation of the above section. On this, the central bank issued a notice to the bank. After receiving written and oral reply from the bank, RBI decided that the penalty should be imposed on the bank. However, let us tell you that even this decision will not affect the customers or any transaction of the bank.
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