BackRBI imposes monetary penalty on 2 co-op banks, 1 NBFC
In all the three cases, the RBI said that penalities are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers
PremiumThe Reserve Bank of India (RBI) has imposed monetary penalties on two co-operative banks and a non-banking financial company (NBFC), for deficiencies in certain regulatory compliance.
Issuing a statement, the RBI said that a penalty of ₹3 lakh has been imposed on Jijamata Mahila Sahakari Bank, Pune, Maharashtra for non-compliance with the directions on exposure norms and statutory/ other restrictions-urban co-operative banks (UCBs).
The central bank, in another statement, said a penalty of ₹2 lakh has been imposed on The Muslim Co-operative Bank Limited, Pune, for contravention of/non-compliance with the directions issued by the RBI on Know Your Customer (KYC).
The central bank also said that it has imposed a penalty of ₹5 lakh on Seyad Shariat Finance Limited, Tirunelveli (Tamil Nadu), an NBFC, for non-compliance with certain provisions of the Know Your Customer Directions, 2016.
In all the three cases, the RBI said that penalities are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.
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