RBI: RBI imposed hefty penalty on 8 banks, do not have your account in any of these

The Reserve Bank of India (RBI) has once again imposed heavy fines on many banks. This penalty has been imposed after lapses in compliance with the rules on behalf of the central bank. Even a few days ago, RBI had imposed a penalty on three banks. Now the banks which have been fined are Co-Operative Banks.

Penalty imposed for not following the rules

It was told by the RBI that the Nabapalli Co-operative Bank Limited (West Bengal) has been fined Rs 4 lakh for non-compliance of the instructions under 'Disclosure Standards and Statutory/Other Restrictions UCB'. Apart from this, a fine of Rs 3 lakh has been imposed on Baghat Urban Co-operative Bank Limited (Himachal Pradesh).

UP's bank also included in fines

Apart from this, Manipur Mahila Sahakari Bank Limited (Manipur), United India Co-operative Bank Limited (Uttar Pradesh), District Co-operative Central Bank (Narsinghpur), Amravati Merchant Sahakari Bank Limited (Amravati), Faiz Mercantile Co-operative Bank Limited (Nashik) on behalf of RBI. And penalty has also been imposed on Navnirman Sahakari Bank Limited (Ahmedabad).