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The Central Reserve Bank has imposed heavy penalties on 5 cooperative banks. These 5 banks are: Pataliputra Central Co-operative Bank Limited, Patan Nagrik Sahakari Bank Limited, Mandal Nagrik Sahakari Bank Limited, Balasore Bhadrak Central Co-operative Bank Limited, The Dhrangadhra People’s Co-operative Bank Limited. .
How much penalty on which bank?
-A fine of ₹1.50 lakh was imposed on Bihar’s Patliputra Central Cooperative Bank Limited.
-A monetary penalty of ₹1.50 lakh was imposed on Patan Nagrik Sahakari Bank Limited, Gujarat.
-The banking regulator has imposed a financial penalty of ₹1.50 lakh on Mandal Nagrik Sahakari Bank Limited in Gujarat.
– Balasore Bhadrak Central Co-operative Bank Limited, Balasore, imposed a monetary penalty of ₹50,000.
-RBI has imposed a monetary penalty of ₹1 lakh on Dhrangadhra People’s Co-operative Bank Limited.
The Reserve Bank said that in all these cases the penalties are based on deficiencies in regulatory compliance and are not intended to affect the validity of any transaction or contract entered into by the entity with its customers.
Penalty to Bank of America, NA, HDFC Bank
The Reserve Bank said it has imposed a penalty of Rs 10,000 on Bank of America, NA and HDFC Bank Ltd for violating several regulations. FEMA has imposed a penalty on Bank of America, NA for violating RBI directives on reporting requirements under the Liberalized Remittance Scheme of 1999. The RBI said the penalty on HDFC Bank was for violating instructions on accepting deposits from non-residents.