RBI imposes monetary penalty of ₹60.30 lakh on five co-operative banks. Details here

The Reserve Bank has imposed penalties totalling 60.3 lakh on five cooperative banks for contravention of various regulatory norms

PTI
First Published18 Apr 2024
A penalty of  <span class='webrupee'>₹</span>43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for non-compliance with RBI directions on 'ban on loans and advances to directors and their relatives
A penalty of ₹43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for non-compliance with RBI directions on ’ban on loans and advances to directors and their relatives

The Reserve Bank has imposed penalties totalling 60.3 lakh on five cooperative banks for contravention of various regulatory norms.

A penalty of 43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for non-compliance with RBI directions on 'ban on loans and advances to directors and their relatives, and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts in the names of certain bodies/organizations' and 'maintenance of deposit accounts'.

Also Read | JPMorgan bullish on Indian stocks, suggests buying the dip amid poll volatility

The central bank has imposed a monetary penalty of 5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand).

Also Read | Wipro Q4 results preview: IT major may see muted earnings; here’s what to expect

Besides, a penalty of 2 has been imposed on the District Co-operative Bank (Dehradun).

Also Read | Lok Sabha Elections 2024: What should investors do amid market volatility?

In each case, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction of agreement entered into by the banks with their respective customers.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeIndustryBankingRBI imposes monetary penalty of ₹60.30 lakh on five co-operative banks. Details here

Most Active Stocks

Ashok Leyland

226.75
10:28 AM | 27 MAY 2024
16.2 (7.69%)

Bharat Electronics

294.35
10:20 AM | 27 MAY 2024
-2.75 (-0.93%)

Zee Entertainment Enterprises

148.95
10:27 AM | 27 MAY 2024
-2.7 (-1.78%)

Tata Steel

175.50
10:29 AM | 27 MAY 2024
0.7 (0.4%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Vishnu Prakash R Punglia

174.50
10:14 AM | 27 MAY 2024
14.1 (8.79%)

Clara Industries

240.00
09:59 AM | 27 MAY 2024
19.35 (8.77%)

Glenmark Pharmaceuticals

1,120.30
10:18 AM | 27 MAY 2024
84.9 (8.2%)

JBM Auto

2,124.30
10:29 AM | 27 MAY 2024
158.9 (8.08%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,045.00216.00
    Chennai
    73,613.00288.00
    Delhi
    73,180.00-72.00
    Kolkata
    73,325.00-144.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.85/L-0.03
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumFor youGet App