Reserve Bank imposed heavy penalty on these 3 cooperative banks! Allegations of ignoring the rules

RBI Penalty on 3 Co-operative Banks: The Reserve Bank of India (RBI) periodically assesses the performance of banks and takes action on violation of the rule. Recently, RBI imposes heavy penalty on three cooperative banks of the country. These banks are accused of not keeping the minimum balance from the customers’ account and deducting money without informing and not following the rules of RBI. According to the news of news agency PTI, the banks which have been fined by RBI are Jalgaon People’s Co-operative Bank of Maharashtra, Andaman and Nicobar State Co-operative Bank Limited (Andaman & Nicobar State Co-operative Bank). operative Bank) and Hisar Urban Co-operative Bank Ltd.

Action taken on Jalgaon People’s Co-operative Bank for this reason
It is noteworthy that if a customer does not have a minimum balance in the account, which the bank informs the customer before charging the penalty, but the Jalgaon People’s Co-operative Bank has imposed penalty on the customer’s account without informing him. Along with this, the bank has also not followed the rules of Non-Performing Assets (NPA) properly. Due to this, RBI has imposed a fine of Rs 50 lakh on the bank.

Action taken on these banks also
Andaman and Nicobar State Co-Operative Bank Limited is fined by the RBI for the entire Rs 5 lakh. Along with this, a fine of Rs 3 lakh has been imposed by the RBI on Hisar Urban Co-operative Bank. RBI has said that while giving loan to the Andaman and Nicobar State Co-operative Bank Limited, Section 56 as well as Section 20 of the BR Act 1949 was not followed properly.

On the other hand, Hisar Urban Co-operative Bank Limited, Hisar, Haryana has not properly complied with Section 56 and Section 35A and Section 36(1) of the Banking Regulation Act, 1949. Due to this a fine of 3 lakh has been imposed on the bank. Hisar Urban Co-operative Bank Limited is also accused of ignoring the rules while giving loans.

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