This news is crucial for you if your bank account is with a cooperative bank. The RBI has made a significant decision involving numerous banks. RBI periodically takes action against banks. In this series, the Reserve Bank of India fined four cooperative banks a total of Rs 44 lakh for breaking various rules. Among them, the Tamil Nadu State Apex Co-operative Bank in Chennai received a Rs 16 lakh punishment.
Informing the public about this, RBI released a press release.
The Bombay Mercantile Co-operative Bank has been fined Rs 13 lakh by the Reserve Bank of India for failing to transfer the required funds to the Depositor Education and Awareness Fund (DEAF) within the allotted time frame and for doing so late.
The Penalty imposed for disregarding the rules
The Janata Sahakari Bank of Pune was fined Rs 13 lakh, according to a different news release from the bank, for breaking the rules regarding the “interest rate on deposits.” Tamil Nadu State Apex Co-operative Bank was penalized for failing to transfer the necessary cash to the Depositor Education and Awareness Fund in the allocated period. It also took longer than necessary to notify NABARD of the fraud and did not do so in a timely manner. Baran Nagrik Sahakari Bank in Baran, Rajasthan, was fined Rs 2 lakh for violating various regulations.
Numerous banks recently had their licenses withdrawn by the RBI.
Eight cooperative banks recently had their licenses for the March 31–April 30 the fiscal year 2022–23 withdrawn by the RBI. The Reserve Bank has fined these banks 114 times for violating the rules. We’d like to let you know that the expansion of cooperative banks has greatly improved the accessibility of financial services in rural areas. However, RBI was compelled to move rapidly as a result of the abnormalities that were discovered in these institutions.
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