RBI Imposes Penalties On 3 Cooperative Banks Over Non-Compliance
NDTV
The three cooperative banks are The Maharashtra State Co-operative Bank, The Nasik Merchant's Co-operative Bank and The National Central Cooperative Bank Limited.
The Reserve Bank on Monday said it has imposed penalty on three cooperatives banks, including Maharashtra-based The Nasik Merchant's Co-operative Bank, for deficiencies in regulatory compliance.
In a statement, the RBI said a penalty of Rs 37.50 lakh has been imposed on The Maharashtra State Co-operative Bank, Mumbai for non-compliance with the directions issued by Nabard on 'Frauds - Guidelines for Classification, Reporting and Monitoring'.
In another release, The Nasik Merchant's Co-operative Bank has been fined for Rs 50 lakh for contravention of directions issued by the RBI on 'Placement of deposits with other banks' and 'Interest Rate on Deposits'.
A penalty of Rs 2 lakh has been imposed on The National Central Cooperative Bank Limited, Bettiah for non-compliance with provisions of the Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.
