RBI Action: RBI imposed monetary penalty on these 2 banks, do you have an account in them?

RBI has imposed penalty on two banks. This is the first action taken by RBI in August. They are accused of violating the rules. Let us know whether this action will affect the customers as well?

RBI Action: The action of the Reserve Bank of India continues in August. RBI has taken a big step against two cooperative banks simultaneously. A fine of more than Rs 2 lakh has been imposed for violating banking rules. The central bank has given this information on Monday, August 4. This list includes one bank each from Uttar Pradesh and Haryana.

RBI and NABARD conducted an inspection on 31 March 2024 to check the financial status of the bank. During this, the rules were ignored. The central bank issued notices to both the banks. It was decided to impose a penalty on the basis of the response received on the notice and the presentations and documents given during the investigation. However, the action taken against both the banks will not affect the transactions or agreements with the customers. Meaning this is not a matter of concern for the account holders.

This UP bank is in trouble

RBI has also taken action against Gomti Nagariya Sahakari Bank Limited, Jaunpur, located in Uttar Pradesh. It is accused of not complying with the guidelines issued under the Supervisory Action Framework (SAF). Actually, the bank sanctioned new loans and advances with more than 100% risk weight. Apart from this, it offered FDs with higher interest rates than State Bank of India, which is a violation of banking rules. Hence, a fine of Rs 2 lakh has been imposed.

Fine imposed on this bank of Haryana

The Sonipat Central Co-operative Bank Limited located in Haryana has been fined Rs 25,000. This bank was inspected by NABARD in March 2024. The bank failed to submit the loan related information of its borrowers to all four CICs. In this case, the guidelines related to “Membership of Credit Information Company in Co-operative Banks” issued by RBI were violated.

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