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The Reserve Bank imposed a fine on these three cooperative banks for ignoring the rules!

RBI Penalty on 3 Co-operative Banks: Reserve Bank of India has imposed penalty on three cooperative banks. The central bank has taken this action due to the ignorance of the rules by these banks. The banks on which action has been taken by the RBI include Maharashtra State Co-operative Bank, Mumbai and National Central Co-operative Bank Ltd., Bettiah and Maharashtra’s cooperative bank The Nashik Merchant’s Co-operative Bank.

Action taken on Nashik Merchant Co-Operative Bank for this reason
Let us tell you that the RBI has taken this big action on Nashik Merchant Co-operative Bank due to non-compliance with the rules of fraud, classification, reporting and its proper care. A total fine of Rs 37.50 lakh has been imposed on the bank.

Action taken on other banks for this reason
At the same time, RBI has taken action on National Central Cooperative Bank Limited, Bettiah and Nasik Merchant’s Co-operative Bank for different reasons. Action has been taken against the cooperative bank of Nashik merchant for giving details of deposits and interest with other banks. At the same time, action has been taken on the Cooperative Bank of Bettiah for ignoring the rules of KYC. A total fine of Rs 2 lakh has been imposed by the RBI on this bank.

What will be the effect on customers
Let us tell you that this action of RBI will not affect the customers. The Reserve Bank has imposed a penalty on the regulatory compliance of these banks. In such a situation, there will be no effect on the service provided to the customers. In such a situation, if you are a customer of these banks, then you do not have to worry.

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