RBI imposed penalty on three cooperative banks

The Reserve Bank of India has imposed a fine on three co-operative banks, including Nagrik Sahakari Bank Maryadit, located in Raipur, Chhattisgarh. These banks have been fined for lapses in regulatory compliance. The central bank said on Tuesday that a fine of Rs 4.50 lakh has been imposed on Nagrik Sahakari Bank Maryadit for violating lending norms, statutory/other restrictions and Know Your Customer (KYC) norms.

Apart from this, the Reserve Bank has also imposed a fine of one lakh rupees on District Co-operative Central Bank Maryadit (Panna). The penalty has been imposed for violation of certain provisions of the Banking Regulation Act, 1949, Depositor Education and Awareness Fund Scheme, 2014 and KYC.

Also, a fine of Rs 25,000 has been imposed on District Co-operative Central Bank Maryadit (Satna) for non-compliance with the provisions of the Banking Regulation Act, 1949 and Depositor Education and Awareness Fund Scheme, 2014.