RBI: The central bank has imposed a fine of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow) and District Co-operative Bank, Garhwal (Kotdwar, Uttarakhand). Apart from this, a fine of Rs 2 lakh has been imposed on District Cooperative Bank (Dehradun).
RBI: The Reserve Bank of India has imposed a total fine of Rs 60.3 lakh on five co-operative banks for violation of various regulatory norms. A fine of Rs 43.30 lakh has been imposed on Rajkot Nagarik Cooperative Bank. This penalty has been imposed for non-compliance with the instructions of the Reserve Bank regarding restrictions on loans and advances to directors and their relatives and other things.
The central bank has imposed a fine of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow) and District Co-operative Bank, Garhwal (Kotdwar, Uttarakhand). Apart from this, a fine of Rs 2 lakh has been imposed on District Cooperative Bank (Dehradun).
The Reserve Bank said that in each case, the penalty is based on deficiencies in regulatory compliance and is not intended to affect the validity of any transaction entered into by the banks with their respective customers.
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