The Reserve Bank of India has imposed heavy fines on three banks for violating the rules. Earlier, RBI had also canceled the licenses of two banks.
New Delhi: The Reserve Bank of India has imposed heavy fines on three banks. Giving information about this matter, RBI said that these banks have been fined for non-compliance with the instructions of the loan rules and statutory/other restrictions.
RBI has imposed a fine on two co-operative banks from Tamil Nadu and one from Jammu and Kashmir. A total fine of Rs 5 lakh has been imposed on all these three banks. All these three banks have violated the guidelines of RBI.
These banks have been fined
The Reserve Bank of India has imposed a fine on Baramulla Central Co-operative Bank Ltd of Jammu and Kashmir, The Big Kancheepuram Co-operative Town Bank Ltd of Tamil Nadu and Chennai Central Co-operative Bank.
A total fine of Rs 5 lakh has been imposed on all these three banks. Baramulla Central Co-operative Bank Ltd. has been fined Rs 2 lakh for violating RBI norms. On the other hand, The Big Kanchipuram Co-Operative Town Bank Limited has been fined Rs 2 lakh for violation of loan rules. Apart from this, a fine of Rs 1 lakh has been imposed on Chennai Central Co-operative Bank for non-compliance with the directions of RBI in certain cases related to income and assets.
The license of this bank was canceled
A few days ago RBI canceled the license of Independence Co-Operative Bank Limited of Maharashtra. According to the order of RBI, this bank will not be able to do any business till February 3, 2022.
Last year also, RBI had imposed restrictions in view of the financial transactions of this bank. Then instructions were issued to the customers that they would not be able to withdraw money from the bank for the next 6 months. But seeing the condition of the bank not getting better, RBI had decided to cancel its license.
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