RBI IMPOSES PENALTY / RBI imposes penalty on three banks and ban on one! If you do not have an account anywhere, check here

There is news of work for bank customers. The Reserve Bank of India (RBI) has imposed a total fine of Rs 5 lakh on three cooperative banks. This penalty has been imposed for lack of regulatory compliance. If you also have an account in these banks, then definitely read this news.

The central bank said in its statement, 'Baramulla Central Co-operative Bank Limited of Jammu and Kashmir has been fined Rs 2 lakh for contravention of the directions of RBI to prohibit the acceptance of new deposits. has been applied.'

The RBI further stated that it has imposed a penalty of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No. 3) for non-compliance with the directions issued under the loan rules and statutory/other restrictions. In another release, the central bank said that it has imposed a fine of Rs 1 lakh on Chennai Central Co-operative Bank for non-compliance/violation of certain instructions in respect of income recognition, asset classification, provisioning and other related matters.

License of this cooperative bank canceled

At the beginning of this first month itself, RBI canceled the license of Independence Co-operative Bank Ltd of Maharashtra. The central bank said, 'After February 3, 2022, the bank will not be able to do any business. In view of the financial condition of the bank, the Reserve Bank had imposed restrictions last year also. Due to that decision, customers could not withdraw money for 6 months. After the business situation of the bank did not improve, the Reserve Bank has now decided to cancel the license.

These banks were also banned

RBI this month extended the restrictions on another co-operative bank Milath Co-Operative Bank based in Devangare, Karnataka for another three months till May 7, 2022. RBI imposed a ban on this cooperative bank for the first time in May 2019.

Earlier, in January 2022, the RBI had imposed several restrictions on Indian Mercantile Cooperative Bank Ltd. of Lucknow, including a withdrawal limit of one lakh rupees. The co-operative bank shall not grant or renew any loan, advance or make any investment without its approval. If you also have an account in any of these banks, then you should be alert.