The Nasik Merchant’s Co-operative Bank, situated in Maharashtra, was among the three cooperative banks that received penalties from the Reserve Bank on Monday for non-compliance with regulatory requirements.
The Maharashtra State Cooperative Bank, Mumbai has been fined 37.50 lakh by the RBI, according to a release, for failing to follow the directives given by Nabard on ‘Frauds – Guidelines for Classification, Reporting and Monitoring’.
According to a separate announcement, The Nasik Merchant’s Co-operative Bank was fined 50 lakh for failing to follow instructions from the RBI about ‘Placing deposits with other banks and Interest Rate on Deposits’.
The National Central Cooperative Bank Limited, Bettiah has been fined 2 lakh for failing to follow the guidelines of the Depositor Education and Awareness Fund and the Know Your Customer (KYC) standards.
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The RBI added that the fine in each instance is based on regulatory compliance shortcomings and is not meant to question the legality of any transaction or arrangement made by the banks with their clients.
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