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RBI imposes Rs 44 lakh penalty on 4 co-op banks

RBI imposes Rs 44 lakh penalty on 4 co-op banks
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Mumbai, Apr 24 (PTI) The Reserve Bank has imposed penalties totalling Rs 44 lakh on four cooperative banks, including a Rs 16 lakh penalty on Chennai-based The Tamil Nadu State Apex Co-operative Bank, for contravention of various norms.

A penalty of Rs 13 lakh has been imposed on Bombay Mercantile Co-operative Bank as it failed to transfer eligible amount to Depositor Education and Awareness Fund (DEAF) within the prescribed period and transferred the same with delay, RBI said in a release on Monday.

In a separate release, the central bank said a penalty of Rs 13 lakh has been imposed on Janata Sahakari Bank, Pune for non-compliance with directions on ‘Interest Rate on Deposits’.


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