New Delhi, 5 April. Reserve Bank of India has imposed heavy fines on 3 co-operative banks. Banks have been fined after repeatedly violating the rules. 5 lakh fine has been imposed on these banks. The operative banks that have been fined include two from Maharashtra and one from West Bengal. Although this is not the first case. Earlier in March, RBI had imposed penalty on 8 banks for ignoring banking acts.
These banks were fined
The Reserve Bank of India has issued a statement giving information about the banks which have been fined. According to the information given by the central bank, this penalty has been imposed on Yeshwant Cooperative Bank Limited based in Phaltan, Konkan Mercantile Cooperative Bank based in Mumbai, Samta Cooperative Bank based in Kolkata. RBI has imposed a fine of Rs 2 lakh on Yeshwant Cooperative Bank alleging disproportionate assets, asset classification, provision and neglect of banking rules.
why the fine
Apart from this, a penalty of Rs 2 lakh has been imposed on Konkan Mercantile Co-Operative Bank based in Mumbai and Rs 1 lakh on Kolkata-based Samata Cooperative Development Bank for flouting banking rules. Account holders need not worry about these fines imposed on these banks. This penalty on banks will not directly affect the account holders, so the customers do not need to worry.