The Reserve Bank of India (RBI) announced on August 14 that it has levied monetary fines on four cooperative banks for violating regulations. The penalized banks include Nabapalli Co-operative Bank, Bally Co-operative Bank, Aska Co-operative Central Bank, and Baroda Gujarat Gramin Bank. The fines ranged from Rs 50,000 to Rs 5 lakh.
Specifically, Nabapalli Co-operative Bank received a penalty of Rs 2.50 lakh, Bally Co-operative Bank Rs 1 lakh, Aska Cooperative Bank Rs 50,000, and Baroda Gujarat Gramin Bank Rs 5 lakh. The penalties were imposed due to deficiencies in regulatory compliance exhibited by these banks.
The RBI clarified that these penalties are not intended to question the validity of any transactions or agreements between the banks and their customers. The actions were taken solely due to the identified shortcomings in adhering to regulatory guidelines.
By FCCT Editorial Team
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