RBI Penalty on Bank. The Reserve Bank of India keeps a close watch on all banking activities in the country and takes strict action against any violation of rules by the banks.
Now the Reserve Bank has imposed a fine of Rs 1 lakh on Madhya Pradesh’s District Co-operative Central Bank Maryadit for violating Know Your Customer (KYC) rules. It has been told in the RBI investigation report that the bank has imposed the penalty for violation of Know Your Customer (KYC) rules and lack of regulatory compliance.
Andhra Pradesh bank fined Rs 5 lakh
RBI investigation report reveals that Madhya Pradesh’s District Co-operative Central Bank Maryadit has not complied with the instructions issued by the central bank. Apart from this, the Reserve Bank has also imposed a fine of Rs 5 lakh on Kuppam Co-operative Town Bank located in Chittoor district of Andhra Pradesh. The Bank has violated the Master Circular on Income Recognition, Assets Classification, Provisions and other related matters and Master Circular on Board of Directors of Urban Co-operative Banks.
Do not worry bank account holders and customers
After this action of the Reserve Bank, the account holders and customers of both these cooperative banks should not be worried because the Reserve Bank of India observes the functioning of the banks from time to time and imposes penalties on the banks that violate the rules in many ways. takes strict action. In this way, the money of the customers is completely safe. Significantly, the Reserve Bank of India (RBI) recently imposed a fine of Rs 1 crore on the cooperative sector cooperative Rabobank UA for violating the rules.
