RBI fined 5 banks, including one in Gujarat, for violating norms

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New Delhi, 20 November-2023, Wednesday

RBI Penalty Cooperative Banks : The Reserve Bank of India (RBI) has fined 5 banks, including one in Gujarat, for violating regulations. These 5 banks include Lakwad Nagrik Cooperative Bank of Mehsana, Manmandir Cooperative Bank, Sanmitra Cooperative Bank of Pune, Contai Cooperative Bank of West Bengal and Sarvodaya Cooperative Bank of Mumbai. A total penalty of 3 lakh rupees has been imposed on these five banks.

Why were the five banks fined?

The country's largest bank said that the Manmandir Co-operative Bank Ltd has been fined Rs 3 lakh for disregarding KYC rules and not keeping the necessary information of customers' deposit accounts. The Lakhvad Nagarik Sahakari Bank Ltd, Mehsana, Gujarat, for non-disclosure of loans and advances of 2 lakh rupees, Contai Co-operative Bank Limited, West Bengal violated KYC rules. of one lakh rupees, Sarvodaya Co-operative Bank Ltd, Mumbai arbitrarily levying penalty from account holders not maintaining the minimum balance and not providing required bank deposit account details of one lakh rupees and Sanmitra Co-operative Bank of Pune Sahakari Bank Ltd, Pune) has been fined one lakh rupees for not having deposit account information.

What did the RBI say about the action on the five banks?

Regarding the action against the five banks, RBI said, "We never intend to create a hurdle in the functioning of the banks." Action has been taken against these banks for violating the rules. The country's largest bank also said that action against the banks would not have any impact on customers. It may be mentioned that the Reserve Bank has made it mandatory for all banks to update KYC of account holders. RBI continues to take action for violation of this rule.

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