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The Reserve Bank of India (RBI) has imposed penalties on 4 cooperative banks. These penalties have been imposed on co-operative banks due to lapses in regulatory compliance. The Reserve Bank has fined Lalbagh Cooperative Bank Limited, The Cooperative Bank of Mehsana Limited, Harij Nagrik Sahakari Bank Limited and The National Cooperative Bank Limited.
5 lakh rupees fine on Lalbagh Cooperative Bank
The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on Vadodara’s Lalbagh Cooperative Bank Limited. The RBI said the bank had breached not only the prudential inter-bank (gross) exposure limit but also the prudential inter-bank counterparty exposure limit. Also, the bank failed to pay interest on overdue recurring and term deposits at the rate applicable from the date of maturity to the date of payment.
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Such a penalty was imposed on these banks
Reserve Bank of Mehsana Cooperative Bank of Mehsana Limited Rs. A fine of 3.50 lakhs has been imposed. At the same time, the Reserve Bank of India has imposed a monetary penalty of Rs 3 lakh on Harij Nagrik Sahakari Bank Limited. The Reserve Bank has imposed a penalty of Rs 1 lakh on The National Cooperative Bank Limited, Mumbai.
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