RBI penalises two cooperative banks
PrintListen to this Article
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People's Cooperative Bank -- for violation of banking norms.
The Gandhinagar-based Randheja Commercial Co-operative Bank has been penalised for violation of the RBI instructions on implementation of Know Your Customer (KYC) guidelines and donations exceeding the prescribed ceiling, the apex bank said in a statement.
Meanwhile, Gandevi People's Cooperative Bank, Navsari, was found to have not adhered to RBI instructions on reporting of cash transactions above Rs 10 lakh as required under Anti-Money Laundering (AML) guidelines.
The RBI had issued showcause notices to both the lenders and the decision to penalise them was arrived at after going through their responses. The RBI found that violations took place, warranting the imposition of penalty. (PTI)
Category : RBI | Comments : 0 | Hits : 458
The Supreme Court on Friday set aside the rejection of an IRS officer’s candidature for appointment as a member of the Income Tax Appellate Tribunal (ITAT), ruling that the involvement of the th...
The Reserve Bank of India (RBI) on Friday unveiled a set of liquidity-boosting measures aimed at infusing more than $23 billion (around ₹2 lakh crore) into the banking system, after review...
RBI has issued draft rules to tighten dividend payouts by banks by linking distributions to capital adequacy, asset and profit quality, setting a uniform prudential framework effective from FY27. In t...
Comments