scorecardresearchRBI imposes fines on six co-operative banks, three sahakari banks over these charges; Do you have an account with any?

RBI imposes fines on six co-operative banks, three sahakari banks over these charges; Do you have an account with any?

Updated: 15 Nov 2022, 08:04 AM IST
TL;DR.
RBI said its actions are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
New Delhi, India - November 12, 2022: Shaktikanta Das, Governor of Reserve Bank of India during the Hindustan Times Leadership Summit, in New Delhi, India, on Saturday, November 12, 2022. (Photo by Sanjeev Verma / Hindustan Times) (Hindustan Times)

New Delhi, India - November 12, 2022: Shaktikanta Das, Governor of Reserve Bank of India during the Hindustan Times Leadership Summit, in New Delhi, India, on Saturday, November 12, 2022. (Photo by Sanjeev Verma / Hindustan Times) (Hindustan Times)

(PTI) Reserve Bank on Monday imposed a collective fine of nearly 12 lakh on several co-operative and other banks for violating various banking norms.

Penalties amounting to 11.60 lakh have been imposed on nine entities, including six co-operative banks and three Sahakari banks, RBI said in separate releases.

Berhampur Cooperative Urban Bank (Odisha) has been fined 3.10 lakh; Osmanabad Janata Sahakari Bank, Osmanabad (Maharashtra) 2.5 lakh; and Santrampur Urban Co-operative Bank Ltd, Santrampur in Mahisagar district (Gujarat) 2 lakh penalty.

Among others, Jila Sahakari Kendriya Bank Maryadit, Balaghat (Madhya Pradesh); Jamshedpur Urban Cooperative Bank Ltd, Jamshedpur, Jharkhand; and Renuka Nagarik Sahakari Bank Maryadit, Ambikapur (Chhattisgarh) have been fined 1 lakh each.

Krishna Mercantile Co-operative Bank Ltd, Bhopal (Madhya Pradesh) and Kendrapara Urban Co-operative Bank Ltd, Kendrapara, Odisha were fined 50,000 each.

The Nawanagar Co-operative Bank Ltd, Jamnagar (Gujarat) is penalised with 25,000, as per RBI release.

RBI said its actions are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

First Published: 15 Nov 2022, 08:04 AM IST