BBN Bureau
Coop banks from Rajkot, Haryana also penalised
MUMBAI/April 25-2022: The Reserve Bank of India (RBI) has slapped Rs1.12 crore penalty on Bank of Maharashtra for non-compliance with certain directions issued by RBI.
In two other separate moves, RBI has also imposed monetary penalty of Rs12 lakh on Rajkot Nagarik Sahakari Bank Ltd and Rs25 lakh penalty on the Haryana State Co-operative Apex Bank Ltd., Chandigarh.
In the case of Bank of Maharashtra, the filing with the stock markets stated that RBI’s penalty was for non-compliance with certain directions issued by the central bank on Reserve Bank of India (RBI) Know Your Customer (KYC) Directions 2016, ‘Creation of a Central Repository of Large Common Exposures – Across Banks’.
Penalty on coop banks
The official statement said Rajkot Nagarik Sahakari Bank had failed to comply with the direction issued by RBI on ‘Interest Rate on Deposits’.
“This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of Banking Regulation Act, 1949 (BR Act),” the statement added.
The Haryana State Cooperative Apex Bank attracted the monetary penalty for failing to comply with RBI directions on Housing Finance. “This penalty has been imposed in exercise of powers vested in RBI under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949,” the stock market filing from the cooperative bank said.
