RBI again imposed a fine of lakhs on two banks, told this reason

New Delhi: The Reserve Bank of India (RBI) has taken action against two banks. The RBI has imposed a penalty of Rs 27.5 lakh on Dhanlaxmi Bank for non-compliance of rules related to ‘Depositors’ Education and Awareness Fund Scheme’. Apart from this central bank, the multi-state primary cooperative bank of Northeast and EC railway employees in Gorakhpur has also been fined Rs 20 lakh for violating certain rules. The bank has imposed a total penalty of Rs 47.5 lakh on these two banks.

According to the statement issued by RBI, Dhanlaxmi Bank has been fined for contravention of a section of the Banking Regulation Act, 1949. The bank’s inspection report of the multi-state primary cooperative bank as on March 31, 2019 said in the statement. Northeast (NE) and Middle East (EC) Railway employees on economic situation disclosed non-compliance or violation of specific instructions issued under the Supervisory Action Framework (SAF).

Based on the report a ‘show cause notice’ was sent to the co-operative bank. RBI said, “After considering the bank’s response and oral submissions during the personal hearing, RBI came to the conclusion that the aforesaid allegation of non-compliance or violation of its directions was substantiated and hence monetary penalty was ordered.” ”


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