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The Reserve Bank of India (RBI) on Thursday said that it has set up a cooperative sector in the country. A penalty of Rs. 1 crore has been imposed for shortcomings in regulatory compliance.
The RBI said in a statement that the fine was imposed for violating certain provisions of the Banking Regulation Act, 1949 and directives relating to “transfer of reserve funds”. A few days back, the RBI had imposed Rs 50.35 lakh on Janalakshmi Cooperative Bank in Nashik for non-compliance with regulatory provisions. Fined Was Axis Bank was also fined Rs 5 crore.
The central bank said it had examined the supervisory assessment constitutional examination (ISE) of the bank’s financial position on March 31, 2020, which found violations of the provisions of the Banking Regulation Act and guidelines issued by the company to the RBI. The RBI has also issued a show cause notice to the bank in this regard.
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