While the Reserve Bank of India is actively monitoring all the banks in the country, it is taking strict penalties and actions against the banks that do not follow the norms.
Meanwhile, the Reserve Bank of India announced on July 1 that it has fined four cooperative banks for violations. Gujarat Rajya Karmasari Co-operative Bank, Rohika Central Co-operative Bank, National Co-operative Bank and Bank Employees Co-operative Bank have been fined for violating the norms.
Gujarat Rajya Karmasari Co-operative Bank: The penalty imposed on this bank is Rs 7.50 lakh. The fine has been imposed after the bank was found to be involved in various violations. The penalty was imposed for not providing complete information about the bank’s operations and documents sought by the RBI inspection authorities.
National Co-operative Bank: The penalty imposed on this bank is Rs.2 lakh. The penalty is imposed for failure to follow certain norms issued by the RBI regarding KYC.
Bank Employees’ Cooperative Bank: The penalty imposed on this bank is Rs.1 lakh. K.Y.C. This penalty is imposed for failure to follow the directions issued by the RBI regarding the norms.
Rohika Central Cooperative Bank: The amount of penalty imposed on this bank is Rs.1.50 lakh. This bank management has failed to carry out risk categorization of its customers. Also, K.Y.C. Failure to undertake tasks such as timely updating of documents.
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