Reserve Bank of India : The Reserve Bank of India (RBI) has fined four cooperative banks for deficiencies in regulatory compliance. Out of the banks which have been fined by the Reserve Bank, one is from Bihar and three are from Maharashtra.
The banks on which penalty has been imposed by RBI are Tapindu Urban Co-operative Bank Limited, Islampur Urban Co-operative Bank Limited, Mahabaleshwar Urban Co-operative Bank Limited and Mangal Co-operative Bank Limited.
The Reserve Bank has imposed a fine of one lakh rupees on The Tapindu Urban Co-operative Bank Limited, Patna for not following the guidelines issued. The bank had failed to comply with the directions of RBI.
The Islampur Urban Co-operative Bank Limited, Maharashtra is alleged to have violated the provisions of the Banking Regulation Act, 1949 and the KYC Direction, 2016. In lieu of which a fine of two lakh rupees was imposed on the bank.
The Mahabaleshwar Urban Co-operative Bank Ltd., Maharashtra was fined Rs.2 lakh for violation of certain provisions, Banking Regulation Act, 1949 (BR Act), specific directions issued by RBI under the Supervisory Action Framework (SAF).
Apart from this, the central bank has imposed a fine of one lakh rupees on Mumbai-based Mangal Sahakari Bank Limited. The penalty imposed by RBI will not affect the customers. This amount of fine has to be paid by the bank itself, it has nothing to do with the customers.
