The Reserve Bank of India (RBI) is still taking legal action against banks and NBFCs that break the regulations and annoy their clients. The RBI had severe measures against 8 banks during the previous financial year, even cancelling their licences. The RBI has now fined Bihar State Cooperative Bank Limited Bank (Bihar Rajya Sahakari Ltd. Bank) Patna Rs 60.20 lakh for breaking regulatory rules.

Failure to establish a committee for customer service

The inspection performed by NABARD after the financial year 2019–20 indicated that this cooperative bank had failed to install software to mark suspicious transactions and report them, according to a statement released by the RBI. In addition to this, the bank failed to provide the required information within the allotted period. In addition, the bank did not establish a customer service committee of directors or give data details to the four credit information businesses.

600000 fine against this bank

A notification was given to the bank, according to a formal announcement from the central bank. The decision to impose this fine was made only after seeing his response. In addition, the Reserve Bank fined Jowai Co-operative Urban Bank Limited (Jowai Co-operative Urban Bank Limited) Meghalaya six lakhs for failing to comply with regulatory requirements.

Prior to this, the RBI fined HSBC Bank HDFC Ltd.

and RBL Bank Ltd. for a total of Rs 2.27 crore and Rs 1.73 crore, respectively. Let us inform you that the Reserve Bank imposes penalties on banks and cooperative banks when they fail to comply with regulatory requirements. There is no connection between the account holders and this fine imposed on banks. It has no impact on any customer-accessible facilities in such a scenario.

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