The Reserve Bank of India (RBI) has taken significant action against 13 national banks. Know how it will impact the clients if you too have an account with one of these banks.
To strengthen the nation’s banking sector, the RBI has taken a number of actions. In this incident, the RBI fined 13 national cooperative banks.
Let’s look at the full list to see which banks’ names are on it.
Why was the penalty imposed?
According to the RBI, these banks have been subject to stern action because they violated a number of regulatory requirements. These banks have received fines in the range of Rs 50,000 to Rs 4 lakh.
Please let us tell you that Shri Kanyaka Nagari Sahakari Bank, Chandrapur, has been given the highest penalty (Shri Kanyaka Nagari Sahakari Bank, Chandrapur). This bank has received a 4 lakh rupee fine from the RBI.
1.50 lakh rupees in penalties were imposed on these banks.
In addition, the RBI fined Y Urban Co-operative Bank, Satara, and Indore Premier Co-operative Bank each Rs 2 lakh. In addition, Patan Nagrik Sahakari Bank in Patan and Tura Urban Cooperative Bank in Meghalaya each received a fine of Rs 1.50 lakh.
2.50 lakh rupees in fines were imposed on this bank.
In addition, Vaidyanath Urban Co-operative Bank (Vaidyanath Urban Co-operative Bank, Beed), Beed, has been hit with a fine of Rs 2.50 lakh by the RBI.
Check the complete list
In addition to these banks, the District Cooperative Central Bank Maryadit in Shahdol, Jijau Commercial Cooperative Bank in Amravati, Eastern and North-East Frontier Railway Co-op Bank in Kolkata, Nagrik Sahakari Bank Maryadit in Raigarh, District Cooperative Central Bank Limited in Bilaspur, and Nagrik Sahakari Bank Maryadit in Jagdalpur have all received significant fines.
The Reserve Bank has stated that the fundamental cause for the action taken against all of these banks is the lack of various regulatory compliances, for which stern action has been taken against them.
As a result, there is no meaning in the transactions of the clients. In addition, RBI has said that this penalty is unrelated to any transactions made with customers.
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