The Reserve Bank of India (RBI) has imposed a fine of Rs 36 lakh on the public sector Central Bank of India. RBI has imposed this penalty for violation of rules related to protection of interests of customers. The Reserve Bank gave this information late night.
According to the statement issued by the Reserve Bank, this action on the Central Bank has been taken on the basis of lack of regulatory compliance. The central bank said that this action was taken on the basis of the reply received from the bank. According to the RBI, a fine of Rs 36 lakh has been imposed on the central bank for violation of provisions related to protection of interests of customers.
It is noteworthy that earlier the Reserve Bank had imposed a total fine of Rs 5 lakh while taking action on 3 co-operative banks for violating the rules. The banks on which the RBI imposed the penalty include Phaltan-based Yashwant Co-operative Bank Ltd., Kokan Mercantile Co-operative Bank Ltd., Samta Co-operative Development Bank Ltd.