The Reserve Financial institution of India on Wednesday imposed a Rs 6 lakh positive on Himachal Pradesh’s The Mandi Cooperative Financial institution for breaching prudential inter-bank publicity limits in FY22. The Mandi-headquartered financial institution was discovered to be breaching sure limits, warranting the imposition of the financial penalty, as per an official assertion.
The penalty is for non-compliance with provisions of RBI instructions on ‘Placement of Deposits with Different Banks by Major (City) Co-operative Banks (UCBs)’, and as per provisions of the Banking Regulation Act, 1949, the central financial institution stated.
The central financial institution additionally imposed a penalty of Rs 1 lakh on West Bengal’s The Howrah District Central Co-operative Financial institution for failing to undertake a periodic replace of KYC (know your buyer) of buyer accounts, and failing to place in place a system of threat categorisation of accounts.
The RBI has additionally imposed a positive of Rs 75,000 on The Rajapalayam Co-operative City Financial institution, Rajapalayam, Tamil Nadu, for extending loans to kin of administrators, and sanctioning loans to nominal members in extra of the prescribed ceiling in FY22.
It has additionally imposed a penalty of Rs 1 lakh on Mumbai’s Wonderful Co-operative Financial institution for not transferring the eligible quantity to the Depositor Schooling and Consciousness Fund throughout the due date in FY23, as per an official assertion.
The Normal City Co-operative Financial institution in Maharashtra’s Aurangabad was levied a positive of Rs 50,000 for not transferring eligible quantity to the Depositor Schooling and Consciousness Fund throughout the due date in FY23, an announcement stated.
