The Reserve Bank of India on Tuesday forced a fine of Rs 112.50 lakh on Hyderabad-based Andhra Pradesh Mahesh Co-operative Urban Bank and four helpful banks for disregarding administrative standards. A fine of Rs 62.50 lakh has been forced on The Ahmedabad Mercantile Co-operative Bank, Ahmedabad, Rs 37.50 lakh on SVC Co-operative Bank of Mumbai, and Rs 25 lakh on Saraswat Co-operative Bank of Mumbai itself.
As per the national bank, this punishment has been forced on Andhra Pradesh Mahesh Co-operative Urban Bank for the rebelliousness of RBI's directions identified with 'Loan fee on Deposits' and 'Know Your Customer'. Though Ahmedabad Mercantile Co-operative Bank has been punished for disregarding standards in the expert order on 'pace of revenue on stores'. The RBI said that it's anything but a punishment on SVC Co-operative Bank for resistance with the bearings of 'Financing cost on Deposits' and 'Fakes Monitoring and Reporting Mechanism'.
Punishments For Lacks In Administrative Consistence
Saraswat Co-Operative Bank has been punished for rebelliousness of the directions on 'Pace of revenue on stores' and 'Upkeep of store accounts'. With respect to punishment forced on banks, RBI said that this punishment has been forced based on insufficiencies in administrative consistency.
Last week likewise RBI made a move Last week likewise, the Reserve Bank of India (RBI) made a significant move on cooperative banks. The RBI had forced a fine of Rs 23 lakh on three co-operative banks, including Mogaveera Co-operative Bank Limited, Mumbai for disregarding different principles.
12 Lakh Fine On Mogaveera Co-Operative
Rs 12 lakh on Mogavira Co-operative Bank Ltd., Rs 10 lakh on Indapur Urban Co-employable Bank, and Rs 1 lakh on The Baramati Sahakari Bank Ltd. of Baramati. forced on.