RBI fined these 2 co-operative banks for violating the rules, is your account in it?
Newz Fast, New Delhi: RBI has fined two banks for violating the rules. RBI has imposed a fine of Rs 4 lakh on one bank and Rs 2 lakh on the other.
One is the Rajgurunagar Co-operative Bank of Pune and the other is the Co-Operative Bank of Gujarat.
The cooperative has been found guilty of violating the central bank's guidelines on interest rates and deposits. At the same time, the Co-operative Bank of Rajkot has disobeyed the rules related to the awareness scheme.
It was revealed in the investigation report that the Rajgurunagar Co-operative Bank did not hand over the amount lying in the current accounts of the deceased account holders to its claimants.
RBI had issued a notice to the bank asking the bank why penalty should not be imposed on it. RBI was not satisfied with the written reply of the bank and imposed a penalty on it for violation of the guidelines.
What did RBI say
The central bank issued a statement in this regard and said that this penalty has been imposed by the RBI only under the powers given to it.
RBI said that the bank has been found guilty of section 56, section 46 (4) and section 47A (1) (c) of the Banking Regulation Act 1949. RBI said that this order will not affect any transaction or customers of the bank.
Co-Operative Bank Of Rajkot
RBI said that in the examination of the financial documents of the bank, it was revealed that it had not transferred the amount kept in the Depositor Education and Awareness Fund for more than 10 years.
This is also in contravention of the above section. The co-operative bank was also issued a show cause notice asking why the penalty should not be imposed on it.
After receiving written and oral reply from the bank, RBI decided that the penalty should be imposed on the bank. This decision will also not affect the customers or any transaction of the bank.
Last month also, three cooperative banks were fined
In September, the RBI had fined Dr. Ambedkar Nagarik Sahakari Bank Maryadit, Nagrik Sahakari Bank Maryadit, Ravi Commercial Urban Co-operative Bank for violation of rules. The bank had imposed a fine of Rs 1.50 lakh, Rs 25,000 and Rs 1 lakh on the three banks respectively.