Saturday, January 28, 2023

RBI imposed a heavy penalty of 1.25 crores on this big bank, is your account not in it?

Reserve Bank of India: Penalties are imposed for non-compliance with the directions of the Reserve Bank of India (RBI). Sometime back RBI had imposed penalty on nine banks. Now the Zoroastrian Co-operative Bank of Mumbai has been fined Rs 1.25 crore for non-compliance of certain directions of the central bank. This heavy penalty includes violation of instructions on the exemption of bills.

Failed to follow its own instructions In a

In a statement issued by the RBI, it was said that Zoroastrian Bank has failed to comply with its directions on the provisions of the Restricted Letter of Credit (LC) and Rules. The bank discounted housing bills under letters of credit (LCs) without establishing the genuineness of the built-in transactions/documents and failed to preserve the records in good standing for a period of eight years.

Lucknow bank fined Rs 20 lakh on

Indian Mercantile Co-operative Bank, Lucknow, for non-compliance with certain norms relating to the classification of non-performing assets (NPAs), the central bank said in a separate statement. A fine of Rs 20 lakh has been imposed. RBI has also imposed penalty on five other cooperative banks.

Action was taken against nine banks

Earlier in mid-November, RBI had canceled the license of a big bank. Apart from this, RBI imposed a fine of about 12 lakhs on nine cooperative banks for violating various banking rules. The banks that were fined were Berhampur Sahakari Urban Bank (Odisha), Osmanabad Janata Sahakari Bank, Maharashtra, and Santrampur Urban Co-operative Bank Ltd., Gujarat.

Apart from this, a fine of Rs one lakh each has been imposed on District Cooperative Central Bank Maryadit Madhya Pradesh, Jamshedpur Urban Cooperative Bank Limited Jharkhand, and Renuka Nagrik Cooperative Bank Limited Chhattisgarh.

Read More: 7th Pay Commission: Central Government Employees Get An Increased Salary

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