Home Business RBI Imposes Rs 6 Lakh Penalty On The Mandi Cooperative Bank: Here’s Why | Companies News

RBI Imposes Rs 6 Lakh Penalty On The Mandi Cooperative Bank: Here’s Why | Companies News

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RBI Imposes Rs 6 Lakh Penalty On The Mandi Cooperative Bank: Here’s Why | Companies News

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New Delhi: The Reserve Bank of India on Wednesday imposed a Rs 6 lakh fine on Himachal Pradesh’s The Mandi Cooperative Bank for breaching prudential inter-bank exposure limits in FY22.The Mandi-headquartered bank was found to be breaching certain limits, warranting the imposition of the monetary penalty, as per an official statement.

The penalty is for non-compliance with provisions of RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, and as per provisions of the Banking Regulation Act, 1949, the central bank said. (Also Read: Discounts On Apple iPhone 15, 14, 13 Available On Flipkart: Check Current Prices)

The central bank also imposed a penalty of Rs 1 lakh on West Bengal’s The Howrah District Central Co-operative Bank for failing to undertake a periodic update of KYC (know your customer) of customer accounts, and failing to put in place a system of risk categorisation of accounts. (Also Read: WhatsApp Android To Introduce Feature For High-Quality Media Sharing)

The RBI has also imposed a fine of Rs 75,000 on The Rajapalayam Co-operative Urban Bank, Rajapalayam, Tamil Nadu, for extending loans to relatives of directors, and sanctioning loans to nominal members in excess of the prescribed ceiling in FY22.

It has also imposed a penalty of Rs 1 lakh on Mumbai’s Excellent Co-operative Bank for not transferring the eligible amount to the Depositor Education and Awareness Fund within the due date in FY23, as per an official statement.

The Standard Urban Co-operative Bank in Maharashtra’s Aurangabad was levied a fine of Rs 50,000 for not transferring the eligible amount to the Depositor Education and Awareness Fund within the due date in FY23, a statement said.

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