RBI Action on These Banks: The Reserve Bank has imposed a fine of lakhs of rupees on some six banks for ignoring the rules. Know what effect it will have on the customers.
RBI Action on Banks: Reserve Bank of India (RBI) keeps on imposing penalty (RBI Penalty on These Banks) on different banks for ignoring the rules. Now in this sequence, RBI has imposed a fine of lakhs of rupees on 6 banks of the country.
There is an allegation on these banks that they ignored the rules. After this, the Reserve Bank of India has taken this action against these banks. RBI has imposed a fine ranging from Rs 1.10 lakh to Rs 3 lakh on these banks. Know which banks have been fined and what has been its effect on the customers.
Which banks were fined
The banks on which RBI has fined for non-compliance of rules are Aligarh Zila Sahkari Bank, Delhi Nagrik Sehkari Bank, Kolkata Police Co-operative Bank ), Mehsana District Central Co-operative Bank, Vyapari Sahakari Bank Maryadit and Shri Ganesh Sahakari Bank Limited (Shri. Ganesh Sahakari Bank Ltd). Penalty ranging from Rs 1.10 lakh to Rs 3 lakh has been imposed on all these banks.
The central bank has imposed a fine of Rs 2 lakh on Aligarh District Cooperative Bank and Rs 3 lakh on Delhi Citizen Cooperative Bank. At the same time, a fine of Rs 1.10 lakh has been imposed on Kolkata Cooperative Bank.
On the other hand, a fine of Rs 2.10 lakh has been imposed on the Mehsana District Central Cooperative Bank. Apart from this, a fine of Rs 3 lakh each has been imposed on Vyapar Sahakari Bank Maryadit and Shri Ganesh Sahakari Bank.
Why were the banks fined?
It is to be noted that these banks have ignored the rules of the Banking Regulation Act, 1950 and have not followed the rules while paying interest rate on the deposit amount. In such a situation, RBI has said that all these banks have not followed the rules of RBI. In such a situation, the central bank has taken action on these banks.
Along with this, the central bank said that the purpose of RBI is not to come between the transactions of the bank and the customers through this fine. This fine of RBI will not have any effect on the customers of the bank. This is a matter related to the operation of the bank.
RBI imposes penalty on Karur Vysya Bank
Taking action on Karur Vysya Bank on March 24, the Reserve Bank of India has imposed a fine of Rs 30 lakh. RBI had taken this action on the bank for not giving information about fraud accounts. Earlier, this fine has been imposed on RBL Bank for non-compliance of rules related to loan recovery agents. The entire fine was Rs 2.27 crore.
