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RBI imposed a fine of so many lakh rupees on Apna Sahakari Bank in Mumbai

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The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of Rs 79 lakh on Apna Sahakari Bank Ltd., Mumbai for non-compliance with the Reserve Bank’s guidelines.

The central bank said that the bank’s statutory inspection has revealed that it did not comply with the instructions for non-performing asset classification, payment of interest on deposits in current accounts of deceased individual depositors or while settling claims and levying penalties. Was. The statutory inspection of Apna Sahakari Bank was conducted along with its financial position as on March 31, 2019, charging for non-maintenance of minimum balance in savings bank accounts.

On inspection, it was revealed that the bank had not complied with several instructions issued by RBI, such as non-performing asset (NPA) classification, payment of interest on deposits deposited in current accounts of deceased individual depositors or sole proprietorship Concerns. settlement of claims.

However, RBI said the penalty was imposed due to lack of regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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