This penalty has been imposed for lack of regulatory compliance.
reserve Bank of India (RBI) three co-operative banks (Cooperative Banks), imposed fine on two from Tamil Nadu and one from Jammu and Kashmir. RBI said that it has imposed a total fine of Rs 5 lakh on three co-operative banks. This penalty has been imposed for lack of regulatory compliance. The central bank said in a statement that the Baramulla Central Co-operative Bank Limited of Jammu and Kashmir has been fined Rs 2 lakh for contravening the directions of the RBI to prohibit the acceptance of new deposits. Has gone.
RBI said it has imposed a penalty of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No. 3) for non-compliance with the directions issued under the loan rules and statutory/other restrictions.
Penalty imposed for violating rules
In another release, the central bank said that it has imposed a penalty of Rs 1 lakh on Chennai Central Co-operative Bank for non-compliance/violation of certain directions in respect of income recognition, asset classification, provisioning and other related matters.
License of this cooperative bank canceled
Earlier this month, RBI canceled the license of Independence Co-operative Bank Ltd of Maharashtra. The central bank said, after February 3, 2022, the bank will not be able to do any business. In view of the financial condition of the bank, the Reserve Bank had imposed restrictions last year also. Due to that decision, customers could not withdraw money for 6 months. After the bank's business situation did not improve, the Reserve Bank has now decided to cancel the license.
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