RBI imposed a fine of 25 lakhs on some and 15 lakhs on some! Click here to know the whole issue
The Reserve Bank of India (RBI) has imposed penalties on five cooperative banks for lapses in compliance with regulatory provisions. Giving this information in a statement, RBI said that a penalty of Rs 25 lakh has been imposed on Bengaluru-based Karnataka State Cooperative Apex Bank. He has been found guilty of non-compliance with the banking provisions relating to housing finance.
Apart from this, a fine of Rs 15 lakh has been imposed on Thane Bharat Sahakari Bank Limited for not taking care of customer interest in unauthorized electronic banking transactions.
RBI has imposed a fine of Rs 5 lakh on Rani Lakshmibai Urban Cooperative Bank based in Jhansi, Rs 2 lakh on Nicholson Cooperative Town Bank in Tanjore, Tamil Nadu, and Rs 10,000 on The Urban Cooperative Bank based in Rourkela.
The central bank said that the decision to impose a penalty on these cooperative banks has been taken on the basis of violation of the provisions of the rules of the banking regulator.