The Reserve Bank of India (RBI) has made numerous judgments involving banks over the years. Railways has now made a significant decision in opposition to 4 cooperative banks. Due to the fact that many corporate banks do not implement the laws correctly, the RBI has fined 4 cooperative banks.
These 4 banks have been charged a fine by RBI
The Sarvodaya Sahakari Bank, Dhanera Mercantile Co-operative Bank, The Janata Co-operative Bank, and Maninagar are the four banks on the list. There is a mention of the cooperative bank (Maninagar Co-operative Bank).
Which bank has received how much in penalties?
Maninagar Cooperative Bank received a fine of Rs. 1 lakh, Janata Cooperative Bank received a fine of Rs. 3.50 lakh, Dhanera Mercantile Cooperative Bank received a fine of Rs. 6.50 lakh, and D received a fine of Rs. 6 lakh from the central bank.
Why is Sarvodaya Cooperative Bank subject to a fine by RBI?
The financial penalty was levied on Sarvodaya Sahakari Bank as a result of the bank’s approval of loans to the family of one of its directors and violation of the interbank gross exposure limitations where the relatives of the directors served as guarantors.
Data gleaned from a news release
The interest on matured fixed deposits from the date of maturity until the date of repayment was at the rate applicable on savings deposits or the contracted rate of interest, whichever was lower, according to the press release. The bank had also exceeded the inter-bank counterparty exposure limits. had not made payment.
In a similar manner, Dhanera Mercantile Co-operative Bank has also been fined. To its directors and their relatives, the bank had approved borrowing privileges.
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