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RBI Imposes penalty on three Co-operative banks

Published on July 11, 2022
Current Context: The Reserve Bank has imposed penalties on three cooperative banks for deficiencies in regulatory compliance.
RBI Imposes penalty on three Co-operative banks
  • First 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'.
  • The second penalty of Rs 50 lakh has been slapped on The Nasik Merchant's Co-operative Bank, Nasik 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, Bihar for non-compliance with the Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.
  • All three actions were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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