The Reserve Bank of India (RBI) has imposed a penalty on three cooperative banks including Nagrik Sahakari Bank Maryadit, Raipur, Chattisgarh on account of deficiencies in regulatory compliances. Rs 4.50 lakh fine has been imposed on Nagrik Sahakari Bank Maryadit for contravention of the directions issued by Reserve Bank of India to urban cooperative banks on exposure norms and other restrictions.
RBI has imposed a penalty of Rs 1 lakh on Jila Sahakari Kendriya Bank Maryadit, panna for breach of certain provisions of the Banking Regulation Act 1949, the Depositor Education and Awareness Fund Scheme 2014 and KYC. Jila Sahakari Kendriya Bank is fined Rs 25,000 for contravention of provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness fund Scheme, 2014.
The Reserve Bank of India has said that penalties have been imposed based on deficiencies in regulatory compliance. It does not intend to pronounce upon the validity of some transaction or agreement entered into by the banks with their customers.
