RBI fine on banks : RBI has taken action against 5 cooperative banks. Heavy fines have been imposed on these banks for violating the rules.
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RBI fine on banks
In February, the Reserve Bank of India took action against many banks. RBI has imposed a fine of Rs 39 lakh on five banks of Maharashtra and Uttar Pradesh. The Central Bank has given this information on 29 February. The Reserve Bank of India often takes action against banks for ignoring the rules. This week, RBI came under attack by SBI, SBI Canara Bank, and City Union Bank.
These are a few banks penalized by RBI
By an order dated February 22, 2024, RBI has imposed a monetary penalty of Rs 23.30 lakh on Teachers Co-operative Bank Limited, Nagpur for non-inaction. The investigation found that the bank had sanctioned some new loans and advances with a risk weight of more than 100% during the financial year 2020-21.
By an order dated February 22, 2024, RBI has imposed a monetary penalty of Rs 23.30 lakh on Teachers Co-operative Bank Limited, Nagpur for non-inaction. The investigation found that the bank had sanctioned some new loans and advances with a risk weight of more than 100% during the financial year 2020-21.
A fine of Rs 5 lakh has been imposed on Solapur District Central Co-operative Bank Limited, Solapur, Maharashtra by an order dated February 22, 2024. By order dated February 23, 2024, a fine of Rs 5 lakh has been imposed on Noble Co-operative Bank Limited, Noida, Uttar Pradesh. The bank failed to comply with the directions issued by RBI under the Supervisory Action Framework i.e. SAF.
By order dated 23 February 2024, a fine of Rs 5 lakh has been imposed on Adarsh ​​Mahila Co-operative Bank Limited, Muzaffarnagar, Uttar Pradesh. The bank sanctioned a loan in which a relative of one of the directors of the bank had an interest.