RBI imposes penalty on 2 Chhattisgarh cooperative banks

Posted on:05 Aug 2016 09:50:04
RBI imposes penalty on 2 Chhattisgarh cooperative banks
05 August 2016 Current Affairs: Reserve Bank on Wednesday imposed penalty on two cooperative banks in Chhattisgarh under the Banking Regulation Act, 1949.

The RBI has imposed a monetary penalty of five lakh each on Zila Sahakari Kendriya Bank Maryadit, Raipur, and Raipur Urban Mercantile Cooperative Bank Limited.

Zila Sahakari Kendriya Bank Maryadit was penalised for violation of the directives/guidelines of the Central Bank on 'Know Your Customer' norms.

Raipur Urban Mercantile Cooperative Bank Ltd faced action for violation of the directives on prohibition of grant of loans and advances to own directors or their relatives or concerns in which they are interested.

RBI had issued a show-cause notice to both the banks earlier. After receiving their responses, it came to the conclusion that the violations were substantiated.
Reserve Bank on Wednesday imposed penalty on two cooperative banks in Chhattisgarh under the Banking Regulation Act, 1949.

The RBI has imposed a monetary penalty of five lakh each on Zila Sahakari Kendriya Bank Maryadit, Raipur, and Raipur Urban Mercantile Cooperative Bank Limited.

Zila Sahakari Kendriya Bank Maryadit was penalised for violation of the directives/guidelines of the Central Bank on 'Know Your Customer' norms.

Raipur Urban Mercantile Cooperative Bank Ltd faced action for violation of the directives on prohibition of grant of loans and advances to own directors or their relatives or concerns in which they are interested.

RBI had issued a show-cause notice to both the banks earlier. After receiving their responses, it came to the conclusion that the violations were substantiated.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs Weekly PDF

Current Affairs Monthly PDF

Current Affairs Quiz

Current Affairs Monthly PDF Hindi

Currentt Affairs 2018 December

18 DECEMBER
NEWS
17 DECEMBER
NEWS
16 DECEMBER
NEWS
15 DECEMBER
NEWS

Currentt Affairs 2018 November

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Currentt Affairs 2018 October

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS