The Reserve Bank of India (RBI) from time to time imposes fines on banks for non-compliance with the rules.
RBI has imposed penalty on 'The Nashik Merchants Cooperative Bank' as well as three more banks for lapse in regulatory compliance.
37.50 lakh fine on this Mumbai bank, it has been said in the statement issued by the Reserve Bank of India that
Mumbai-based for non-compliance with the instructions of the National Bank of Agriculture and Rural Development (NABARD) issued regarding fraud reporting and monitoring.
Maharashtra State Cooperative Bank' (MSCB) has been fined up to Rs 37.50 lakh.
In another press note, the central bank said that the amount deposited with other banks on 'The Nashik Merchants' Co-operative Bank'
50 lakh fine for non-compliance with RBI's instructions in the matter of interest.
The National Central Cooperative Bank Ltd., located in Betiha, Bihar, was also fined Rs 2 lakh.
It has been clearly stated by the RBI that this penalty was imposed for lapses in regulatory compliance.
Earlier, RBI had imposed a fine of about Rs 1-1 crore on Kotak Mahindra Bank & Industrial Bank.