CO-OP
RBI fines 3 co-operative banks
RBI penalises Maharashtra State Co-operative Bank, Nasik Merchant's Co-operative Bank and National Central Cooperative Bank Ltd, Bettiah for deficiencies in regulatory compliance.
RBI penalises Maharashtra State Co-operative Bank, Nasik Merchant's Co-operative Bank and National Central Cooperative Bank Ltd, Bettiah for deficiencies in regulatory compliance.
The Reserve Bank of India (RBI) has fined three co-operative banks for deficiencies in regulatory compliance.
The Maharashtra State Co-operative Bank, Mumbai has been penalised Rs 37.50 lakh for non-compliance with the directions issued by Nabard on 'Frauds - Guidelines for Classification, Reporting and Monitoring'.
The Nasik Merchant's Co-operative Bank has been fined Rs 50 lakh for contravention of directions issued by the RBI on 'Placement of deposits with other banks' and 'Interest Rate on Deposits'.
The RBI has imposed a penalty of Rs 2 lakh on the National Central Cooperative Bank Ltd, Bettiah for non-compliance with provisions of the Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.
In each case, the RBI said, the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
