RBI penalises 2 co-op banks for deficiencies in regulatory compliance

The Reserve Financial institution of India (RBI) on Wednesday mentioned it has imposed penalties on two cooperative banks for deficiencies in sure regulatory compliance.

A penalty of Rs 5 lakh has been imposed on The Swasakthi Mercantile Cooperative City Financial institution, Vijayawada, for contravention of/ non-compliance with sure provisions of the instructions issued beneath a 2015 round on ‘Board of Administrators- UCBs’.

In one other assertion, the RBI mentioned a penalty of Rs 40,000 has been imposed on Shikshak Sahakari Financial institution, Nagpur, for non-compliance with regulatory instructions contained within the directive on ‘Membership of Credit score Data Firms (CICs)’ and the provisions of Credit score Data Firms Guidelines, 2006.

In each instances, nevertheless, the central financial institution mentioned the motion on the lenders was primarily based on deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by them with their clients.

(Solely the headline and film of this report might have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)

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