Bank was required to pay high yearly ATM maintenance fees, and the RBI levied a punishment of Rs. 3.3 lakh

 Bank was required to pay high yearly ATM maintenance fees, and the RBI levied a punishment of Rs. 3.3 lakh

A few times a year, RBI inspects banks.

The RBI periodically inspects banks to see if they are operating effectively or not. Through related investigation efforts, several banks have received fines. Numerous banks have also had their licenses terminated in addition to being fined.

The RBI has once again penalized a bank severely, according to press reports that are identical to the previous ones. SVC Co-operative Bank Limited of Mumbai has been fined Rs 3.3 lakh.

Why was the penalty levied?

According to information provided, the bank has been charged a large fine for allegedly charging an annual maintenance fee for ATM cards in Basic Savings Bank Deposit Accounts (BSBDA). The bank was also sent a warning on this, and a fine was later added.