- September 5, 2022
- Posted by:
- Category: Uncategorized
The Reserve Bank has imposed penalties on five cooperative banks, including Rs 25 lakh on The Karnataka State Co-operative Apex Bank, Bengaluru, for deficiencies in regulatory compliance.
The penalty on The Karnataka State Co-operative Apex Bank Ltd has been imposed for non-compliance with directions on “Housing Finance”, the RBI said in a statement.
In another statement, it said a fine of Rs 15 lakh has been imposed on Thane Bharat Sahakari Bank Limited, Thane, for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’.
A fine of Rs 5 lakh has been imposed on Rani Laxmibai Urban Co-operative Bank, Jhansi, as it failed to adhere to specific directions issued to it by RBI under Supervisory Action Framework (SAF), the central bank said.
The RBI has also imposed a Rs 2 lakh penalty on The Nicholson Co-operative Town Bank (No.8), Thanjavur District, Tamil Nadu for