New Delhi. The Reserve Bank of India has imposed a fine of Rs 44 lakh on 4 cooperative banks for violation of various rules. These include Tamil Nadu State Apex Co-operative Bank, Bombay Mercantile Co-operative Bank, Janata Co-operative Bank and Baran Nagrik Co-operative Bank.
In a release issued on Monday, the RBI said, a fine of Rs 13 lakh has been imposed on the Bombay Mercantile Co-operative Bank. According to RBI, the bank failed to transfer the fixed amount to the Depositor Education and Awareness Fund within the stipulated time and transferred it with delay.
A penalty of Rs 13 lakh has been imposed on Pune-based Janata Sahakari Bank for non-compliance with directions on ‘Interest Rate on Deposits’, the bank said in another press release. Tamil Nadu State Apex Co-operative Bank has also been fined for the same reason. Penalty has been imposed due to which Bombay Mercantile has been imposed.
Along with this, the bank also failed to report the fraud to NABARD within the prescribed time limit and reported the same with delay. At the same time, a fine of two lakh rupees has been imposed on the Baran Nagrik Sahakari Bank located in Baran, Rajasthan.
