RBI strict action on these 5 banks! Big money is fined! Do you have an account? – mssewb.org

: The Reserve Bank of India (RBI) often takes various important decisions for the convenience of customers and to maintain the overall banking process smoothly. The central bank even fines banks directly for violating banking norms. Keeping that ratio, the RBI has imposed hefty financial penalties on five co-operative banks for violation of norms.

Financial penalties have been imposed on these five co-operative banks: Meanwhile, the five co-operative banks that have been penalized are Sri Mahayogi Lakshmmamma Co-operative Bank Ltd of Kurnool, Andhra Pradesh, Attur Town Co-operative Bank Ltd of Salem district, Tamil Nadu, Gondia District Central Co-operative Bank Ltd of Maharashtra, Shirpur People’s Co-operative Bank Ltd of Maharashtra. Operative Bank Limited and Tirupati Urban Co-operative Bank Limited of Nagpur, Maharashtra.

In this context, the RBI has already informed that the fine imposed on these five co-operative banks ranges from Rs 50,000 to Rs 3 lakh. However, let us inform in this context that it has already been stated by the RBI that such financial penalty is imposed only for violation of certain norms. That is, it has been reported that this fine has nothing to do with the transactions or contracts of the customers of those five cooperative banks.

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Meanwhile, the Bank’s Risk Assessment Report based on the financial position as on March 31, 2021, stated that these banks are in compliance with various RBI directives such as income recognition, classification of assets and other related matters such as UCB, Banking Regulation Act, 1949 (Act). Provisions, and Violation of KYC related norms.

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