RBI imposed a fine of Rs 1.12 crore on Andhra Pradesh Mahesh Co-operative Urban Bank, know the reason

New Delhi. The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore 12 lakh on the Andhra Pradesh Mahesh Co-Operative Urban Bank in Hyderabad. Apart from this, RBI has taken action against 3 banks of the country in the case of system error and violation of rules of fraud on interest rates on FD.

These banks include Saraswat Co-Operative Bank, the leading cooperative bank of Maharashtra state, SVC Co-Operative Bank and Ahmedabad Mercantile Co-Operative Bank. ) are also included.

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RBI has imposed a penalty of 62 lakh 50 thousand on Ahmedabad Mercantile Co-Operative Bank. Apart from this, a penalty of Rs 25 lakh has been imposed on Saraswat Co-operative Bank of Mumbai and Rs 37 lakh 50 thousand on SVC Co-operative Bank.

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According to the news published in Maharashtra Times, it had come to the notice of RBI that Mahesh Co-operative Urban Bank violated fixed deposit and KYC rules. Penalty has been imposed on Ahmedabad Mercantile Co-Operative Bank for manipulation of interest rate on FD. Apart from this, the Reserve Bank of India has taken action against SVC Co-operative Bank for violating the rules regarding the interest rate on FD and giving wrong instructions and reports.

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