Reserve Bank Action on Banks: Reserve Bank of India has once again taken action on banks. The bank has imposed a hefty fine of Rs 44 lakh on 4 cooperative banks (RBI Penalty of 4 Cooperative Bank).
The bank has taken this action due to ignorance of the rules. In this, a penalty of Rs 16 lakh has been imposed on The Tamil Nadu State Apex Co-operative Bank, Chennai. Apart from this, the Reserve Bank has imposed fine on 3 more banks.
Reserve Bank said this
Giving information on the action on the banks, the RBI said that the aim of the central bank is that all the rules of the Reserve Bank are followed by the banks. Along with this, the bank does not intend to interfere in any transaction between the bank and the customers. Significantly, the central bank has imposed a fine of crores of rupees earlier also for ignoring the rules.
Action taken on which banks
The co-operative banks that have been fined by the Reserve Bank of India are the Bombay Mercantile Co-operative Bank. A fine of Rs 13 lakh has been imposed on this bank. The bank could not transfer the Depositor Education and Awareness Fund (DEAF) funds within the stipulated period. At the same time, the Reserve Bank has also imposed a fine of Rs 13 lakh on Janata Sahakari Bank, Pune. This penalty has been imposed for not paying interest on deposit rates at the right time.
At the same time Tamil Nadu State Apex Cooperative Bank also could not transfer the funds of DEAF on time. Along with this, the bank did not inform NABARD about the fraud transaction that happened at the right time.
In such a situation, the Reserve Bank has imposed a hefty fine of Rs 16 lakh on this bank. Apart from this, Baran Nagrik Sahkari Bank Rajasthan (Baran Nagrik Sahkari Bank Rajasthan) has also been fined Rs 2 lakh. This action has been imposed on the bank for ignoring the rules.
What will be the effect on customers?
In such a situation, the question arises that what will be the effect of 44 lakh fine imposed by RBI on four banks on the customers of the bank? These penalties have nothing to do with the customers of the bank. This penalty has been imposed on the banks for not completing the operation. It has nothing to do with the account transactions of the bank’s customers.
