The Reserve Bank of India (RBI) recently fined SBI, and now it has fined five cooperative banks once more. The RBI has assessed this fine for failure to comply with the law. At this time, fines have been issued on the following cooperative banks: SBPP Co-operative Bank Limited, The Sahyadri Co-operative Bank Limited, Rahimatpur Co-operative Bank Limited, The Gadhinglaj Urban Co-operative Bank Limited, and The Kalyan Janata Co-operative Bank Limited.
A fine is imposed by RBI for breaking the regulations
The Reserve Bank fined SBPP Co-operative Bank Limited, Kila Pardi, Gujarat, Rs 13 lakh for failing to follow RBI guidelines regarding “Interest Rate on Deposits.” Sahyadri Co-operative Bank Limited, based in Mumbai, has been penalised with a fine of Rs. 6 lakh. The bank was assessed this fine for failing to maintain deposit accounts and comply with the KYC regulations. The eligible amount had not been transferred by Sahyadri Cooperative Bank to the Depositor Education and Awareness Fund (DEA Fund). In addition, a greater interest rate than the one offered by SBI was offered in defiance of the directives established under SAF. The bank did not develop any method for updating account holders’ KYC.
3 lakh rupee fine for breaking KYC regulations
Rahimatpur Co-operative Bank Limited, located in Rahimatpur, District-Satara, has been fined Rs 1 lakh by the Central Bank. The Reserve Bank levied this fine for failing to evaluate the inactive bank account. For not upholding KYC criteria, The Gadhinglaj Urban Co-operative Bank Limited, Gadhinglaj, has also been fined Rs 3 lakh. The Kalyan Janata Sahakari Bank Limited, Kalyan, Maharashtra, was fined Rs. 4.50 lakh by the Reserve Bank for failing to follow regulations regarding “interest rates on deposits” and “maintenance of deposit accounts.”
RBI had levied a fine of several crores of rupees against SBI and Indian Bank
Following this, the Reserve Bank fined three further cooperative banks. These included Rajkot Nagarik Sahakari Bank Ltd., Bassein Catholic Co-operative Bank Ltd., and Saraswat Co-operative Bank Limited. SBI was fined Rs. 1.3 crore, Indian Bank Rs. 1.62 crore, and Punjab and Sindh Bank Rs. 1 crore.
Let us inform you that the Central Bank occasionally fines banks for failing to comply with regulations. The owners of bank accounts, however, are unaffected. The withdrawal or deposit of cash is not subject to any limitations by the bank.
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