jin88bet.oneSrinagar, March 17: Reserve Bank of India (RBI) has levied penalties on two co-operative banks in Jammu & Kasak168app.babyhmir for violating its directives regarding the acceptance of fresh deposits. The RBI has imposed a penalty of Rs 1 lakh on Anantnag Central Co-operative Bank Ltd and Rs 5 lakh on Baramulla Cenak168app.clubtral Co-operative Bank Ltd.
Bothks168app.site penalties stem from non-compliance with specific RBI directions that prohibited the baic88nks from accepting new deposits. The actions were taken under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, according to a preic88ss release issued by the Central Bank.
The statutory inspections of both banks, conductic88ed by the NABARD with reference to their financial positions as of March 31, 2023, revealed these violations. Following the inspections, the Ric88BI issued show-cause notices to both banks, requesting expllr88anations for their non-compliance.
After reviewing the banks’ responses and, in the case of Baramulla Central Co-operative Bank Ltd., conducting a plr88ersonal hearing, the RBI concluded that the charge of accepting fresh deposits in violatilr88on of its directives was sustained for both institutions.
According to an official statement by Chief General Manager Puneet lr88Pancholy, “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transacop88tion or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bsi88ank.”
The disparity in the penalty amounts, ₹88v1.00 lakh for Anantnag and ₹5.00 lakh for Baramulla, likely reflSEXXXXX-VNects the scale and severity of the violations as determined by the RBI.
