The Reserve Bank of India (RBI) has imposed a fine of Rs 1 lakh on Madhya Pradesh’s District Co-operative Central Bank Maryadit on 15 September. The bank had violated the rules of KYC due to which this penalty has been imposed.
New Delhi. The Reserve Bank of India (RBI) has imposed a fine of Rs 1 lakh on Madhya Pradesh’s District Co-operative Central Bank Maryadit on 15 September. The bank had violated the rules of KYC due to which this penalty has been imposed. RBI said, the penalty has been imposed due to lack of regulatory compliance. However, this will not affect the transactions of the customers. In the investigation report of RBI, it has been found that the bank has not followed the necessary guidelines.
RBI has started imposing fines on many cooperative banks in the recent past. RBI has imposed penalty on 6 cooperative banks in the recent past. There is also dual regulation and local political interference on cooperative banks.
There will be no effect on the customers,
although it will not affect the transaction of the customers. In the investigation report of RBI, it has been found that the bank has not followed the necessary guidelines.
Axis Bank was also fined The
Reserve Bank of India (RBI) imposed a penalty of Rs 5 crore on Axis Bank on July 28 for violating the rules. The statutory investigation of Axis Bank by the RBI revealed non-compliance of specific provisions on the part of the bank, including the bank’s report related to some suspicious transactions.
By issuing a notice to Axis Bank in this regard, RBI had asked why penalty should not be imposed on the bank for failing to comply with the provisions. RBI has decided to impose financial penalty on Axis Bank for non-compliance with the rules, after considering the reply to the notice given by Axis Bank and the information furnished during the personal hearing.
A fine of Rs 52 lakh has also been imposed on these two banks,
let us tell you that RBI has been imposing a penalty on cooperative banks in the recent past. Two weeks ago, the central bank imposed heavy fines on two co-operative banks. RBI had also imposed a fine of Rs 50 lakh on Bombay Mercantile Co-operative Bank of Mumbai and Rs 2 lakh on Central Co-operative Bank Ltd., Akola (Maharashtra) based in Akola district for violation of norms.
