The Reserve Bank of India (RBI) has taken punitive action against four banks in the country for errors in the system of forgery of interest rates on FDs and violation of rules. Banks also include Saraswat Co-Operative Bank and SVC Co-Operative Bank.
RBI has slapped a fine of Rs 1 crore 12 lakh on Andhra Pradesh Mahesh Co-operative Urban Bank of Hyderabad. Besides, Ahmedabad Mercantile Co-operative Bank has been fined Rs 62 lakh 50 thousand. Apart from this, Saraswat Co-operative Bank of Mumbai has been fined Rs 25 lakh and SVC Co-operative Bank Rs 37 lakh 50 thousand.
According to a report in the Maharashtra Times, Mahesh Co-operative Urban Bank violated the Fixed Deposit and KYC Rules.
Ahmedabad Mercantile Co-operative Bank has been fined for falsifying interest rates on fixed deposits. In addition, the Reserve Bank of India has taken action against SVC Co-operative Bank for violating the rules regarding interest rate on FDs and giving wrong instructions and reports.
0 Comments