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Reserve Bank imposed a fine of Rs 23 lakh on three co-operative banks, know the whole matter

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RBI imposed penalty on three cooperative banks for violation of rules. (symbolic picture)

New Delhi:

Reserve Bank of India (RBI) on Monday imposed a fine of Rs 23 lakh on three cooperative banks, including Mumbai’s Mogavira Co-Operative Bank Ltd., for violating various rules. A fine of Rs 12 lakh was imposed on Mogaveera Co-Operative Bank Ltd., Rs 10 lakh on Indapur Urban Co-Operative Bank and Rs 1 lakh on The Baramati Sahakari Bank Ltd of Baramati.

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The Reserve Bank said about Mogavira Co-Operative Bank that on the basis of the financial position of the bank as on March 31, 2019, in its inspection report, it was disclosed that the bank had deposited the unclaimed deposits in the Depositor Education and Awareness (DEA) Fund. Did not transfer in kind and also did not do annual review of inactive accounts.

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The inspection also found that there was no system for periodic review of risk classification of accounts in the bank.
The Reserve Bank of Indapur Cooperative Bank said that its inspection report based on the financial position of the bank as on March 31, 2019, disclosed that it did not adhere to the unified limit on unsecured advances and risk classification of accounts with the bank. There was no system of periodic review of

Also, the bank did not have a robust system to generate alerts in case the transactions are inconsistent in terms of risk categorization of customers.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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