Big news on RBI New Action! The RBI fined these banks, among them HDFC Bank

 Big news on RBI New Action! The RBI fined these banks, among them HDFC Bank

Bank Penalty: The RBI has once again taken action against banks and cooperatives that break the regulations. HDFC Bank and Bank of America are two of the three cooperative banks that have been hit with financial penalties by the RBI.

Penalties for Banks: When banks and cooperative banks break the law, the Reserve Bank of India (RBI) takes strong action. HDFC Bank and Bank of America are among the three cooperative banks that have been hit with financial penalties by the RBI. All of them have received show-cause notices from the central bank, RBI. In less than a week, the RBI has taken action against banks and cooperatives twice.

10,000 rupees was fined to both banks.

Bank of America and HDFC Bank both face fines of Rs 10,000. The regulations governing the deposit of funds from non-resident Indians (NRIs) were broken by both of these institutions. The RBI claims that neither bank was correctly adhering to the FEMA law. They will be subject to a fine if they fail to respond to the notification in a suitable manner.

Additionally, three cooperative banks measured

Additionally, three cooperative banks have been subject to RBI intervention. Among them, the Gujarati Dhrangadhra People's Co-operative Bank has been fined Rs 1 lakh. The bank is charged with failing to appropriately adhere to the deposit regulations. In addition, Mandal Nagrik Co-operative Bank of Ahmedabad and Patliputra Central Co-operative Bank of Bihar have been fined Rs 1.5 lakh each. For a while now, the Central Bank has been enforcing severe penalties on banks and cooperative banks.

Three banks and five cooperatives were the targets of action last week.

Three banks that had broken the laws were hit with fines exceeding Rs 10 crore by the RBI about a week ago. Moreover, five cooperative banks were also the target of legal action. Indian Overseas Bank was fined Rs 1 crore, Bank of Baroda was fined Rs 4.34 crore, and Citi Bank was fined Rs 5 crore by the central bank. The Reserve Bank has levied a fine for improper adherence to the requirements.

Additionally, five cooperative banks that had broken many regulations were fined by the RBI. These include the following: Vejalpur Citizens Cooperative Bank; Khambhat Citizens Cooperative Bank; Sarvodaya Citizens Cooperative Bank; Porbandar Departmental Citizens Cooperative Bank; and Shri Mahila Seva Cooperative Bank. They were hit with fines ranging from Rs 25,000 to Rs 2.5 lakh. The consumers are unaffected by these penalties.