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Reserve Bank imposed penalty on four banks, know if your bank is not involved in it

Reserve Bank Penalty: The Reserve Bank of India has imposed a total fine of Rs 4 lakh on four co-operative banks for lapses in regulatory compliance. According to four separate statements issued by the central bank, this penalty has been imposed for compliance lapses. It is not intended to raise questions about the validity of transactions or agreements entered into by banks with their customers.

Penalty imposed on these 4 banks
The Reserve Bank has imposed a fine of Rs 1.5 lakh on Andersul Urban Co-operative Bank in Maharashtra and Rs 1 lakh on Mahesh Urban Co-operative Bank, Ahmedpur, Maharashtra. A fine of Rs 50,000 has been imposed on Nanded Merchant Cooperative Bank, Nanded in Maharashtra. Apart from this, a fine of Rs one lakh has been imposed on District Co-operative Central Bank Maryadit in Shahdol, Madhya Pradesh.

RBI imposed penalty on these banks on 5th April
Earlier, on April 5, the Reserve Bank of India also imposed a penalty on many banks. At that time, the RBI said in a statement that a fine of Rs 2 lakh was imposed on Phaltan-based Yeshwant Cooperative Bank Ltd. for non-compliance with its directions on income, asset classification, provisions and other related issues. Apart from this, a fine of Rs 2 lakh was imposed on Mumbai’s Cocan Mercantile Cooperative Bank Ltd. in a similar case. On the other hand, Kolkata-based Samta Cooperative Development Bank Limited was fined one lakh rupees.

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