The Reserve Bank of India has imposed fine on five cooperative banks for ignoring the rules. The banks on which RBI has taken action include Indapur Co-operative Bank Limited, The Patan Urban Co-operative Bank Limited, Pune Merchants Co-operative Bank Limited, Jankalyan Co-operative Bank Limited and Pune Municipal Corporation Servants Co-operative Urban Bank Limited. The Reserve Bank has imposed fine on these banks for different reasons. In such a situation, will it affect the customers? Let us know about this.

How much fine was imposed on which bank?

A fine of Rs 5 lakh has been imposed on Indapur Cooperative Bank and Pune Bank. The central bank has taken this action due to ignoring the rules of deposit account and minimum balance maintenance. Mumbai-based Jankalyan Co-operative Bank Limited has neglected to follow the rules of credit information. For this reason, RBI has also imposed a fine of Rs 5 lakh on this bank.

Apart from this, a fine of Rs 2 lakh has been imposed on The Patan Urban Co-operative Bank of Satara for ignoring the RBI rules on Banking Regulation Act 1949. Action has been taken against Pune Merchants Co-operative Bank Limited for not maintaining adequate information about deposit accounts. RBI has imposed a full fine of Rs 1 lakh on the bank. A penalty of Rs 1 lakh has been imposed on Pune Municipal Corporation Servants Cooperative Urban Bank for not sharing correct information about inoperative accounts.

RBI said this

While taking action against cooperative banks, RBI said that RBI has no intention of interfering in the functioning of banks. Action has been taken against all the banks due to ignoring the rules and it will not affect the customers. All these banks will continue to function normally.

License of this bank cancelled

Recently, the Reserve Bank has canceled the license of Urban Cooperative Bank Limited located in Sitapur, Uttar Pradesh. RBI has completely banned the functioning of the bank from December 7. This action has been taken in view of the deteriorating financial condition of the bank. According to the Central Bank, the bank had neither capital left nor any hope of business. In such a situation, keeping in mind the security of customers’ capital, the Reserve Bank has canceled the license of this bank. After the license of this bank is cancelled, up to Rs 5 lakh deposited in the account will be covered under insurance.

The post RBI issued an order: Big news! RBI imposes monetary penalty on these five cooperative banks, know reason behind it first appeared on Rightsofemployees.com.

The committee has suggested banks to show online settlement of claims after the death of account holder’s heirs and flexibility in submission of life certificate on behalf of pensioners.

Banned due to non-compliance of KYC

The report of the committee constituted to review customer service standards in RBI-regulated financial institutions also suggested that non-updation of Know Your Customer (KYC) from time to time hampers operations of accounts. But don’t be banned.

Report released by the committee The committee 

said in its report released on Monday that there should be a time limit for returning the property documents to the borrowers after the loan account is closed and the lender should be fined for not giving this time.

In case of loss of property documents, banks and financial institutions should not only help in getting certified registered copies of the documents at their own cost, but also adequately compensate the customer, according to the RBI deputy governor’s report . .

The Reserve Bank had constituted this committee in May last year under the chairmanship of BP Kanungo, former deputy governor of RBI. The committee has given its recommendations after reviewing the complaints filed under the Internal Grievance Redressal (IGR) system of financial institutions.

These suggestions given for the pensioners

The committee has also given some suggestions for the benefit of the pensioners. Accordingly, pensioners should be able to submit their life certificate at any branch of their bank. Also, they should be allowed to deposit LCs in any month of their choice to avoid rush.

The post RBI New Order..! Good news for Bank Customers! Now you will get this facility first appeared on Rightsofemployees.com.