The Reserve Bank of India (RBI) has forced a fine of Rs 1 lakh on the District Co-usable Central Bank Maryadit of Madhya Pradesh on 15 September. The bank had disregarded the principles of Know Your Customer (KYC), because of which this punishment has been forced. RBI said the punishment has been forced because of the absence of administrative consistency.
The RBI examination report shows that the bank has not agreed with the guidelines given by the national bank and the resistance to the directions of the RBI has been affirmed. Consequently, the burden of financial punishment was fundamental.
On Tuesday, RBI forced a fine of Rs 5 lakh on Kuppam Co-usable Town Bank situated in the Chittoor area of Andhra Pradesh. The move has been made for infringement of specific arrangements of the bearings given by RBI, remembering the Master Circular for Income Recognition, Assets Classification, Provisions and other related issue and infringement of Master Circular on Board of Directors of Urban Co-usable Banks.
Rs 52 lakh fine forced on these two banks
Allow us to reveal to you that RBI has been forcing fines on helpful banks in the new past. Fourteen days prior, the national bank forced substantial fines on two co-employable banks. RBI had likewise forced a fine of Rs 50 lakh on Bombay Mercantile Co-usable Bank of Mumbai and Rs 2 lakh on Central Co-usable Bank Ltd., Akola (Maharashtra) situated in the Akola area for infringement of standards.
A fine of Rs 1 crore was forced on this bank
The Reserve Bank of India (RBI) as of late forced a fine of Rs 1 crore on helpful area agreeable Rabobank UA for slips in administrative consistence. The national bank had said that it had led a Supervisory Appraisal Statutory Investigation (ISE) examination with respect to the monetary situation of the bank as of March 31, 2020. In which the organization was observed to be infringing upon the arrangements of the Banking Regulation Act and the directions given by the RBI, the RBI had additionally given a show-cause notice to the bank in such a manner.
This bank of Kolkata additionally fine
As of late, the Reserve Bank additionally forced a fine of Rs 5 lakh on Village Financial Services of Kolkata for resistance to specific arrangements of KYC rules.
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