The Reserve Bank of India (RBI) has imposed penalties on several banks and a finance company for not following its rules.
RBI imposed a penalty of ₹50,000 on The Tanur Co-operative Urban Bank Limited, Kerala. The bank did not upload customer KYC records to the Central KYC Records Registry (CKYCR).
RBI also fined The Kodagu District Co-operative Central Bank Limited, Karnataka ₹1 lakh. The bank gave loans to its directors, which is not allowed under banking rules.
Another penalty of ₹1 lakh was imposed on The Mysore and Chamarajnagar District Co-operative Central Bank Limited, Karnataka. The bank held shares in a co-operative society in violation of rules and also failed to upload KYC records on time.
Vedvyas Finance Private Limited, Odisha was fined ₹30,000. The company did not take prior approval from RBI before appointing a director, which led to a change in management.
RBI imposed a penalty of ₹30,000 on Loknete R.D. Appa, Kshirsagar Sahakari Bank Ltd., Maharashtra. The bank gave loans to its directors and also did not provide required information during inspection.
The Pali District Central Co-operative Bank Ltd., Rajasthan was fined ₹50,000. The bank did not properly review the risk category of accounts regularly.
