Reserve Bank of India has imposed heavy fine on four banks because these banks have ignored the rules. RBI said in its issued order that during the investigation, these banks have not followed the guidelines, due to which heavy fines are being imposed on them.
The Central Bank of the country has released the names of these four banks, which are co-operative banks. According to RBI, the banks which have been fined include Baramati Co-operative Bank, Becharaji Citizens Co-operative Bank, Waghodia Urban Co-operative Bank and Viramgam Mercantile Co-operative Bank.
How much fine on which bank
RBI said that a fine of Rs 2 lakh has been imposed on Baramati Co-operative Bank and Rs 2 lakh on Becharaji Nagrik Co-operative Bank. Apart from this, a fine of Rs 5 lakh has been imposed on Waghodia Urban Cooperative Bank and Rs 5 lakh on Viramgam Mercantile Cooperative Bank.
RBI gave instructions to banks
Reserve Bank of India has imposed fine on all these banks for different reasons and has directed all the banks to follow the rules. If they do not follow the rules, fines and sanctions can be imposed.
Hackers had broken into the bank
It is noteworthy that a few days ago, the Reserve Bank of India had imposed a fine on another bank, which had ignored the rules of cyber security. AP Mahesh Co-operative Bank was fined Rs 65 lakh. Hackers had broken into these banks and withdrawn Rs 12.48 crore.
What will be the impact on customers
According to the rules of Reserve Bank of India, banks on which penalty is imposed. It has to be paid by the banks only. People opening an account in it do not have to pay this amount nor do they have to pay any kind of charge on it. This fine has to be paid only by the bank.
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