RBI fines Mandi Cooperative Bank Rs 6 lakh and The Howrah District Central Co-op Bank Rs 1 lakh for breaching RBI directions and Banking Regulation Act, 1949.
The Reserve Bank of India (RBI) has imposed a Rs 6 lakh fine on Himachal Pradesh's Mandi Cooperative Bank for breaching inter-bank exposure limits in FY22. The central bank also imposed a penalty of Rs 1 lakh on West Bengal's The Howrah District Central Co-operative Bank for failing to update KYC (know your customer) and risk categorisation of accounts. Both fines are due to non-compliance with provisions of RBI directions and the Banking Regulation Act, 1949.
March 27, 2024
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