RBI Penalty on Banks: Now Railways has taken a big decision against 4 cooperative banks. Many corporate banks are not following the rules properly, due to which RBI has imposed monetary penalty on 4 cooperative banks.
Reserve Bank of India: Many decisions regarding banks have been taken from time to time by the Reserve Bank of India (RBI). Now Railways has taken a big decision against 4 cooperative banks. Many corporate banks are not following the rules properly, due to which RBI has imposed monetary penalty on 4 cooperative banks.
Fine has been imposed on these 4 banks
Let us tell you that in the list of these 4 banks, The Sarvodaya Sahakari Bank, Dhanera Mercantile Co-operative Bank, The Janata Co-operative Bank and Maninagar The name of Co-operative Bank (Maninagar Co-operative Bank) is included.
How much penalty has been imposed on which bank?
The central bank has imposed a fine of Rs 1 lakh on Maninagar Cooperative Bank, a fine of Rs 3.50 lakh on Janata Cooperative Bank, a fine of Rs 6.50 lakh on Dhanera Mercantile Cooperative Bank and a fine of Rs 6 lakh on D.
Why is fine imposed on Sarvodaya Cooperative Bank?
The monetary penalty was imposed on Sarvodaya Sahakari Bank because the bank had sanctioned loan facilities to relatives of one of its directors, and had violated inter-bank gross exposure limits where the relatives of the directors stood as guarantors.
Information received from press release
According to the press release, the bank had also breached the inter-bank counterparty exposure limits and the interest on matured fixed deposits from the date of maturity till the date of repayment was at the rate applicable on savings deposits or the contracted rate of interest, whichever is lower. Had failed to pay.
Similarly, fine has also been imposed on Dhanera Mercantile Co-operative Bank. The bank had sanctioned loan facilities to its directors and their relatives.
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