The Reserve Bank of India fined three banks for violating the rules

RBI – The Reserve Bank of India has fined three banks for violating the rules. The RBI has asked Nashik Merchant Co-operative Bank to pay a penalty of Rs 48 lakh 30 thousand for delay in filing fraud complaints and levying penalty on the minimum balance amount without giving any prior notice to the customers.

Mehsana Urban Bank has been fined Rs 15 lakh for opening savings accounts of ineligible trusts while Sangli Co-operative Bank has been fined Rs 2 lakh for restructuring the loan of a director’s relative. The RBI had earlier sent notices to all these three banks but due to non-satisfactory response, the RBI has said that punitive action has been taken.