The Reserve Bank of India (RBI) has imposed a penalty of Rs 44 lakh on four cooperative banks for violating various norms. Among these, Chennai-based Tamil Nadu State Apex Co-operative Bank has been fined Rs 16 lakh. A penalty of Rs 13 lakh has been imposed on the Bombay Mercantile Co-operative Bank as it failed to transfer the eligible amount to the Depositor Education and Awareness Fund (DEAF) within the prescribed period and transferred the same belatedly, RBI said.
A penalty of Rs 13 lakh has been imposed on Pune-based Janata Sahakari Bank for non-compliance of directions on ‘interest rate on deposits’, the bank said in another release.
Tamil Nadu State Apex Co-operative Bank has been fined as it failed to transfer the eligible amount to Depositor Education and Awareness Fund within the stipulated period. It also failed to report the fraud to NABARD within the prescribed time limit and reported the same with delay.
Baran Nagrik Sahakari Bank, Baran, Rajasthan, has been fined Rs 2 lakh for violating certain norms.