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

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RBI appears to be in motion mode since previous couple of days. RBI i.e. Reserve Bank of India has imposed heavy fine on many banks for violating the guidelines. Recently huge information is popping out. That the Reserve Bank has taken strict motion on 5 banks and imposed a fine of lakhs of rupees. If you even have an account in these banks then know that your pocket will probably be affected –

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The Reserve Bank of India i.e. RBI has imposed a complete fine of Rs 60.3 lakh on 5 co-operative banks for violation of varied 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 directions concerning restrictions on loans and advances to administrators and their family, amongst different issues.

The Central Bank has sanctioned Rs 5 lakh every 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 mentioned that in every case, the penalty is predicated on deficiencies in regulatory compliance and isn’t supposed to have an effect on the validity of any transaction entered into by the banks with their respective prospects.

Earlier, the central financial institution 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 guidelines. The penalty was imposed on LIC Housing Finance for non-compliance with sure 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 4 NBFCs Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. These firms can now not do NBFC enterprise. At the similar time, 5 different NBFCs – Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certificates.

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