RBI Imposes Monetary Penalty On 2 Banks For Rule Violation

New Delhi
The Reserve Bank of India (RBI) on March 27 said that it has imposed monetary penalties on two banks for violating rules and not complying with norms. A penalty of Rs 2 lakh was imposed on Aligarh Zila Sahkari Bank and Rs 3 lakh on Delhi Nagrik Sehkari Bank, the central bank said in two separate releases to the media. The fines were imposed for violation of the Banking Regulation Act, 1950 and non-compliance with specific directions relating to interest rates on deposits. This action was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by banks with their customers, the RBI said.