The Reserve Bank of India has imposed a fine of Rs 1 lakh on Priyadarshini Mahila Cooperative Bank of Maharashtra.
A fine of 1 lakh rupees.
The Reserve Bank of India has imposed a fine of one lakh rupees on the Priyadarshini Mahila Nagari Cooperative Bank of Maharashtra for ignoring the rules. On behalf of the Reserve Bank, it was said that this cooperative bank had issued some instructions related to the Supervisory Action Framework i.e. SAF which it did not follow. This is the reason why the Reserve Bank has decided to impose a fine.
The Reserve Bank has imposed a penalty on the bank for not following its instructions issued. The central bank of the country has considered it to be a failure in the matter of regulatory compliance. For these reasons, the Reserve Bank asked some questions first. Later, after not being satisfied with the reply given by the co-operative bank, RBI announced the fixing of the fine. Talking about customers, this decision will not affect the bank’s customers in any way. RBI has not imposed any restriction on the facilities available to customers.
Himachal Pradesh State Cooperative Bank was also fined
Earlier, the Reserve Bank of India (RBI) imposed a fine of Rs 40 lakh on the Himachal Pradesh State Cooperative Bank based in Shimla. The fine was imposed for violation of certain regulatory guidelines issued by NABARD.
3 crore file on ICICI Bank
On May 3, the Reserve Bank of India (RBI) imposed a fine of Rs 3 crore on ICICI Bank (ICICI Bank) for violation of certain guidelines. The central bank said in a statement that ICICI Bank imposed a fine of Rs 3 crore for violation of the guidelines given in the master circular.
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