The Reserve Bank of India (RBI) has cancelled the license of a bank. This is Purvanchal Cooperative Bank. RBI has cancelled the license of Purvanchal Cooperative Bank for not following the norms.
This bank will no longer be able to carry out any banking operations. This has been said in a report by GoodReturns. The Reserve Bank has imposed a fine of Rs 96.40 lakh on Sonali Bank PLC. This penalty has been imposed on the bank for not following KYC Directions 2016 and some norms.
Penalty of Rs 1.45 crore on Central Bank of India
The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.45 crore on Central Bank of India. The Central Bank has said that this fine has been imposed due to non-compliance of some guidelines given by RBI. These directions are related to loans and advances and customer protection.
The Reserve Bank had conducted a statutory inquiry for the Supervisory Evaluation (ISE 2022) of Central Bank of India regarding its financial position as of March 31, 2022. RBI issued a notice to Central Bank of India asking it to explain why it should not be fined for failing to follow the guidelines? After considering the bank’s reply, RBI found that the charges against the bank are correct.
Bank shares rose more than 137% in 1 year
Shares of Central Bank of India have climbed more than 137 percent in the last one year. The shares of the bank were at Rs 27.52 on 19 June 2023. Shares of Central Bank of India have reached Rs 65.41 on 14 June 2024. In the last 2 years, the shares of Central Bank of India have seen a rapid rise of 288 percent. During this period, the shares of the bank have crossed Rs 65 from Rs 16. So far this year, the shares of the bank have jumped by about 30 percent. The 52-week high level of the shares of the bank is Rs 76.85. At the same time, the 52-week low level of the shares of the bank is Rs 26.53.
