Business Standard

RBI imposes Rs 44 lakh penalty on 4 co-operative banks for violation

The Reserve Bank has imposed penalties totalling Rs 44 lakh on four cooperative banks, including a Rs 16 lakh penalty on Chennai-based The Tamil Nadu State Apex Co-operative Bank

rbi, reserve bank of india

Press Trust of India Mumbai

Listen to This Article

The Reserve Bank has imposed penalties totalling Rs 44 lakh on four cooperative banks, including a Rs 16 lakh penalty on Chennai-based The Tamil Nadu State Apex Co-operative Bank, for contravention of various norms.
A penalty of Rs 13 lakh has been imposed on Bombay Mercantile Co-operative Bank as it failed to transfer eligible amount to Depositor Education and Awareness Fund (DEAF) within the prescribed period and transferred the same with delay, RBI said in a release on Monday.
In a separate release, the central bank said a penalty of Rs 13 lakh has been imposed on Janata Sahakari Bank, Pune for non-compliance with directions on 'Interest Rate on Deposits'.
Penalty has been imposed on The Tamil Nadu State Apex Co-operative Bank as it failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period. It also failed to report a fraud to NABARD within the prescribed timeline and reported the same with delay.
A monetary penalty of Rs 2 lakh has been imposed on Baran Nagrik Sahkari Bank, Baran, Rajasthan for contravention of certain norms.
The penalties are 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, the RBI said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 25 2023 | 7:26 PM IST

Explore News