Reserve Bank of India: If your bank account is in any cooperative bank then this news is very important for you. A big decision has been taken by the Reserve Bank regarding many banks. RBI keeps on taking action on banks from time to time.
Reserve Bank of India: If your bank account is in any cooperative bank then this news is very important for you. A big decision has been taken by the Reserve Bank regarding many banks. RBI keeps on taking action on banks from time to time. In this series, the Reserve Bank of India (RBI) has imposed a fine of Rs 44 lakh on four cooperative banks for violating various norms. Among these, Chennai-based Tamil Nadu State Apex Co-operative Bank has been fined Rs 16 lakh.
RBI gave information
RBI has given information about this by issuing a press release. According to the RBI, a penalty of Rs 13 lakh has been imposed on the Bombay Mercantile Co-operative Bank as it failed to transfer the eligible amount to the Depositor Education and Awareness Fund (DEAF) within the stipulated period and transferred the same with delay.
Penalty for non-compliance of norms
The bank has said in another release that a penalty of Rs 13 lakh has been imposed on Pune-based Janata Sahakari Bank for non-compliance of instructions on ‘interest rate on deposits’. Tamil Nadu State Apex Co-operative Bank has been fined as it failed to transfer the eligible amount to Depositor Education and Awareness Fund within the stipulated period. It also failed to report the fraud to NABARD within the prescribed time limit and reported the same with delay. Baran Nagrik Sahakari Bank, Baran, Rajasthan, has been fined Rs 2 lakh for violating certain norms.
Recently RBI has canceled the license of many banks.
Let us tell you that recently the licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on 31 March. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.
Licenses of these banks were canceled
1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank
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