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RBI slaps fine on 4 cooperative banks for non-compliance


Reserve Bank of India (RBI) slapped fine of a total of 4 lakh on four cooperative banks for deficiencies in regulatory compliances. The banks are Andarsul Urban Co-operative Bank, Andarsul (Maharashtra), Mahesh Urban Cooperative Bank, Ahmedpur, Maharashtra, The Nanded Merchant’s Cooperative Bank, Nanded, on Jila Sahakari Kendriya Bank Maryadit, Shahdol. 

According to four separate releases, 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.

RBI imposed a penalty of 1.50 lakh on Andarsul Urban Co-operative Bank, Andarsul (Maharashtra) while a fine of 1 lakh has been imposed on Mahesh Urban Cooperative Bank, Ahmedpur, Maharashtra. Also, a fine of 50,000 has been slapped on The Nanded Merchant’s Cooperative Bank, Nanded.

These banks are facing penalties for non-adherence with directions issued by the central bank on “board of directors and exposure norms & statutory/other restrictions-UCBs.”

A fine of 1 lakh has been imposed on Jila Sahakari Kendriya Bank Maryadit, Shahdol, for non-compliance with the provisions of Banking Regulation Act 1949, Depositor Education and Awareness Fund Scheme 2014, and directions on Know Your Customer



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