HUGE NEWS: RBI New Order! RBI fined five banks a significant amount; see the banks' information

 HUGE NEWS: RBI New Order! RBI fined five banks a significant amount; see the banks' information

HUGE NEWS: RBI New Order! RBI fined five banks a significant amount; see the banks' information

Five cooperative banks have been fined by the Reserve Bank of India (RBI) for breaking regulations. Two of these banks have been fined Rs 5 lakh each.

Five cooperative banks have been fined by the Reserve Bank of India (RBI) for breaking regulations. The following co-ops are: The Patan Urban Co-operative Bank Limited, Jankalyan Co-operative Bank Limited, Pune Merchants Co-operative Bank Limited, and Pune Municipal Corporation Servants Co-operative Urban Bank Limited. Indapur Urban Co-operative Bank Limited.

Which bank will incur what penalty?

For failing to follow RBI guidelines for investment and upkeep by urban co-operative banks, Indapur Urban Co-operative Bank Ltd., Pune, Maharashtra, has been fined ₹5 lakh by the Reserve Bank. Similar to this, Jankalyan Sahakari Bank Ltd. in Mumbai has been fined ₹5 lakh by the Reserve Bank for failing to follow instructions for reporting significant exposures to the Central Repository of Information on Large Credit. In addition, Patan Urban Co-operative Bank Limited, Satara, Maharashtra, was fined ₹ 2 lakh.

Pune Merchants Co-operative Bank Ltd. was hit with a ₹1 lakh fine by the Reserve Bank. According to the RBI, Pune Merchants Co-operative Bank has not reviewed inactive or non-operational accounts on an annual basis. Pune Municipal Corporation Servants Co-operative Urban Bank Ltd. was hit with a ₹1 lakh fine by RBI. Pune Municipal Corporation Sevak Sahakari Urban Bank has not carried out an annual examination of dormant or inactive accounts, according to the banking regulator.