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RBI imposes penalty on 8 cooperative banks

Published on August 30, 2022
Current Context: Reserve Bank of India (RBI) imposed a penalty on 8 cooperative banks.
RBI imposes penalty on 8 cooperative banks
  • A penalty of Rs 55 lakh was imposed on The Visakhapatnam Co-operative bank for deficiencies in regulatory compliance. Bharat Heavy Electricals Employees' Co-operative bank, Kailasapuram, Tiruchirapalli, Tamil Nadu has penalized with Rs 10 lakh.
  • A penalty of Rs 5 lakh was imposed on The Ottapalam Co-operative Urban bank Ltd, Ottapalam, Palakkad district, Kerala, and Rs 10 lakh on the Darussalam Co-operative Urban Bank, Hyderabad, Telangana.
  • RBI has imposed a penalty of Rs 10 lakh each on The Nellore Co-operative Urban Bank Ltd, Gandhi Nagar, Nellore district, Andhra Pradesh, and Kakinada Co-operative town bank Ltd, Kakinada, East Godavari district, Andhra Pradesh.
  • A fine of Rs 1 lakh was imposed on The Kendrapara Urban Co-operative bank, Kendrapara, and a penalty of Rs 5 lakh on the National Urban Co-operative bank Ltd, Pratapgarh, Uttar Pradesh. The penalties were based on deficiencies in regulatory compliance.
  • Static Knowledge:
    • RBI governor - Shaktikanta Das
    • RBI headquarters - Mumbai
    • RBI was formed - on 1 April 1935

Question: 

Q.1 RBI imposed how many penalties on The Visakhapatnam Co-operative bank?
a. 70 lakh
b. 40 lakh
c. 65 lakh
d. 55 lakh
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