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 2018 September

20 SEPTEMBER
NEWS
19 SEPTEMBER
NEWS
18 SEPTEMBER
NEWS
17 SEPTEMBER
NEWS

Current Affairs 2018 August

31 AUGUST
NEWS
30 AUGUST
NEWS
29 AUGUST
NEWS
28 AUGUST
NEWS

Current Affairs 2018 July

31 JULY
NEWS
30 JULY
NEWS
29 JULY
NEWS
28 JULY
NEWS