Business

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.” ”

.

Read More  From August 1, this bank is going to make a big change in its rules, which will have a direct impact on your pocket.

Dailynews24 Team

If you like the post written by dailynews24 team, then definitely like the post. If you have any suggestion, then please tell in the comment

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
close