Mumbai, Nov 6 (SocialNews.XYZ) The Reserve Bank of India (RBI) has imposed monetary penalties on three banks in Gujarat for violation of the central bank’s lending norms, according to an official statement issued on Monday.
A penalty of Rs 4 lakh was imposed on Shree Lodra Nagarik Sahakari Bank Ltd at Lodra in Gujarat’s Gandhinagar district for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, the RBI statement said.
The RBI also imposed a penalty of Rs 3.5 lakh on Malpur Nagarik Sahakari Bank Ltd, in Gujarat’s Aravalli district for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
Besides, the RBI has imposed a penalty of Rs 25,000 on Limbasi Urban Co-operative Bank Ltd in Kheda district for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are Interested’ read with the directions issued by RBI on ‘Loans and Advances to Directors etc.
At the same time, the RBI said the action taken against the banks is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
