RBI Action Latest News: The Reserve Bank of India (RBI) on February 8 said it has imposed penalties on four cooperative banks for violating norms.
Reserve Bank of India has now taken action against 4 cooperative banks
RBI Action: Reserve Bank of India has now taken action against 4 cooperative banks. According to details, these co-operative banks also ignored the rules, due to which the RBI took action and imposed fines. The Reserve Bank of India has imposed a penalty of lakhs of rupees on cooperative banks. Let us know which banks are these and how much penalty has been imposed on them.
The Reserve Bank of India (RBI) said on February 8 that it has imposed penalties on four cooperative banks for violating norms. RBI said in a separate press release that the apex bank has imposed a penalty of lakhs of rupees on Nakodar Hindu Urban Co-operative Bank, Parsi Co-operative Bank, Bombay Mercantile Co-operative Bank and The Navnirman Co-operative Bank.
How much fine was imposed on which bank?
The RBI has imposed a fine of Rs 63.30 lakh on Bombay Mercantile Cooperative Bank, Rs 43.40 lakh on Zoroastrian Cooperative Bank, Rs 6 lakh on Nakodar Hindu Urban Cooperative Bank and Rs 1 lakh. Navnirman Co-operative Bank has been fined Rs.A notice has also been issued to the banks and the RBI has said that the penalty has been imposed due to non-compliance of instructions.
- The Navnirman Co-operative Bank Ltd., Ahmedabad, Gujarat
- Bombay Mercantile Co-operative Bank Ltd,
- Zoroastrian Co-operative Bank Ltd., Mumbai
- The Nakodar Hindu Urban Cooperative Bank Ltd., Nakodar, Dist. Jalandhar, Punjab
| Bank | Notice |
| The Navnirman Co-operative Bank Ltd., Ahmedabad, Gujarat | View PDF |
| Bombay Mercantile Co-operative Bank Ltd | View PDF |
| Zoroastrian Co-operative Bank Ltd., Mumbai | View PDF |
| The Nakodar Hindu Urban Cooperative Bank Ltd., Nakodar, Dist. Jalandhar, Punjab | View PDF |
Co-operative banks did not follow these rules
Bombay Mercantile Co-operative Bank has been penalized for not complying with public instructions on exposure norms and other controls, the RBI said. The Central Bank has imposed on the Parsi Cooperative Bank for non-compliance with instructions regarding maintenance of deposit accounts, interest rates on deposits and fraud in UCBs. Nakodar Hindu Urban Cooperative Bank has been imposed for not complying with the instructions promulgated on recognition of income, assets and other related matters.
If the rules are not followed, action is taken
It is to be noted that RBI has made some rules for government, private and co-operative banks, under which all the banks have to follow the rules. If any bank does not follow the rules promulgated by RBI, action is taken against it by RBI.
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