A fine of Rs 60.3 lakhs imposed by RBI on 5 cooperative banks for violating rules.
A fine of Rs 43.30 lakh has been imposed on Rajkot Nagrik Sahakari Bank for non-compliance with RBI instructions.
RBI has ‘prohibited granting of loans and advances to directors and their relatives and firms in which they have interest’ and ‘prohibited opening of savings bank accounts in the name of certain organizations’.
A monetary penalty of Rs 5 lakh each has been imposed by the central bank on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow), and District Co-operative Bank, Garhwal (Kotdwar, Uttarakhand).
Apart from this, a fine of Rs 2 has been imposed on the District Cooperative Bank (Dehradun).
In each case, the RBI said the penalty is based on deficiencies in regulatory compliance.
It is not intended to affect the validity of any transaction entered into by the banks with their respective customers.
