RBI imposed fine of lakhs on these 5 banks, know the reason here

RBI seems to be in action mode since last few days. RBI i.e. Reserve Bank of India has imposed heavy fine on many banks for violating the rules. Recently big news is coming out. That the Reserve Bank has taken strict action on five banks and imposed a fine of lakhs of rupees. If you also have an account in these banks then know that your pocket will be affected –

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The Reserve Bank of India i.e. RBI has imposed a total fine of Rs 60.3 lakh on 5 co-operative banks for violation of various regulatory norms. A fine of Rs 43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank. This penalty has been imposed for non-compliance of RBI instructions regarding restrictions on loans and advances to directors and their relatives, among other things.

The Central Bank has sanctioned Rs 5 lakh each on The Central Bank of the Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow) and District Co-operative Bank, Garhwal (Kotdwar, Uttarakhand). A fine of Rs. Apart from this, a fine of Rs 2 lakh has been imposed on District Cooperative Bank (Dehradun).

The Reserve Bank of India said that in each case, the penalty is based on deficiencies in regulatory compliance and is not intended to affect the validity of any transaction entered into by the banks with their respective customers.

Earlier, the central bank has imposed a fine of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of some rules. The penalty was imposed on LIC Housing Finance for non-compliance with certain provisions of the Non-Banking Financial Company – Housing Finance Company (RBI) Guidelines, 2021.

Apart from this, RBI has canceled the Certificate of Registration (COR) of four NBFCs Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. These companies can no longer do NBFC business. At the same time, five other NBFCs – Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certificates.

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