RBI acts against 3 cooperative banks, 2 banks from Maharashtra
Pune: Policenama online – The RBI has taken punitive action against three co-operative banks including two from Maharashtra. The action has been taken for violation of rules of RBI.
The banks against whom the RBI has taken action are The Maharashtra State Co-operative Bank, The National Central Cooperative Bank and The Nashik Merchant Cooperative Bank.
The RBI has fined The Maharashtra State Cooperative Bank Rs 37 lakh 50,000 for not following the guidelines issued by NABARD.
It was found that the National Central Cooperative Bank Limited had violated the rules. The RBI found that the bank had violated the KYC rules and imposed a fine of Rs 2 lakh. The RBI found that The Nashik Merchant Cooperative Bank had not given information about its dealings with other banks.
The action taken by reserve bank of india will not have any effect on the customers’ transactions and dealings. The RBI has imposed a fine on them for not following the guidelines. This will not have any effect on the customers and the transactions of the bank will continue as normal. Hence, it is not necessary for customers to get apprehensive.