RBI imposes Rs 60.3 lakh penalty on five co-operative banks

RBI imposes Rs 60.3 lakh penalty on five co-operative banks

Daily Current Affairs   /   RBI imposes Rs 60.3 lakh penalty on five co-operative banks

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Category : Business and economics Published on: April 22 2024

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  • RBI penalizes five co-operative banks with a total fine of Rs 60.3 lakh for regulatory violations.
  • Penalties relate to non-compliance with RBI directives regarding loans, savings account openings, and deposit account maintenance.
  • Rajkot Nagarik Sahakari Bank faces the highest penalty of Rs 43.30 lakh.
  • Violations include loans to directors and their relatives, restrictions on savings account openings, and deposit account maintenance.
  • The Kangra Co-operative Bank (New Delhi) is fined Rs 5 lakh.
  • Rajdhani Nagar Sahkari Bank (Lucknow) also receives a Rs 5 lakh penalty.
  • Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand), is subject to a Rs 5 lakh penalty.
  • District Co-operative Bank (Dehradun) is imposed with a penalty of Rs 2 lakh.
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