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RBI has imposed penalty on another cooperative bank. The Central Bank has given this information on Tuesday.
Bank News: Reserve Bank of India’s action continues in the new financial year also. The Central Bank has imposed a penalty (RBI Imposed Monetary Penalty) on a co-operative bank on 16 April. Let us tell you that on Monday itself, RBI had imposed fine on 4 banks and ban on two banks.
Bank name and reason
RBI has imposed a monetary penalty of Rs 3 lakh on Omkar Omkar Nagariya Sahakari Bank Limited (Kanpur) for violating rules. This bank did not comply with the instructions issued under the Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks. In fact, this bank offered higher interest rates on fixed and savings deposits than the interest rates offered by State Bank of India. Also violated special instructions issued under SAS.
Customers will not be affected
The Reserve Bank found lapses during statutory inspection. Notice issued to the bank for non-compliance of instructions. In which the question was asked “Why should the fine not be imposed?” It was only after the bank’s response to the notice and personal hearing that the RBI decided to impose the monetary penalty. The central bank has made it clear that this action is based on deficiencies in regulatory compliance. This will not have any effect on the validity of the transaction or agreement between the customers and the bank.