RBI: On March 21, the Reserve Bank of India (RBI) announced that it had fined five cooperative banks for breaking regulations. These include The Kalupur Commercial Co-operative Bank, District Co-operative Central Bank, Janata Co-operative Bank, Karad Urban Co-operative Bank, and Pragati Mahila Nagrik Co-operative Bank.
Fines Imposed by RBI
The Kalupur Commercial Co-operative Bank, Karad Urban Co-operative Bank, Janata Co-operative Bank, Pragati Mahila Nagarik Co-operative Bank, and District Co-operative Central Bank have all received approvals from the central bank for a total of Rs 26.60 lakh, Rs 13.30 lakh, Rs 5 lakh, and Rs 1 lakh. He is subject to a fine of Rs 75,000.
Penalty Reasons
Because Kalupur Commercial Co-operative Bank failed to transfer the appropriate sum to the Depositor Education and Awareness Fund within the allotted time, the bank was penalised. According to the RBI, Karad Urban Co-operative Bank was fined for failing to follow specific guidelines on the “Interest Rate on Deposits.” In addition, Janata Sahakari Bank has been penalised for authorising loans to its nominal members over the defined regulatory limit and for authorising gold loans beyond the prescribed regulatory limit under the Bullet Repayment Scheme.
