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RBI fines 2 Maharashtra co-op banks for non-compliance of norms
Updated On: 14 August, 2021 09:59 AM IST | Mumbai | IANS
In both the cases, the RBI said that the actions are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with its customers
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Reserve Bank of India
The Reserve Bank of India (RBI) has imposed monetary penalties on the Greater Bombay Co-operative Bank Ltd and the Jalna People's Co-operative Bank Ltd for non-compliance of directions from the central bank to urban co-operative banks (UCBs).
In a statement on Friday, the RBI said that it has imposed a monetary penalty of Rs 25 lakh on The Greater Bombay Co-operative Bank Ltd, Mumbai for "non-compliance with directions issued by it on "Frauds in UCBs: Changes in monitoring and reporting mechanism."
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