Mumbai: The Reserve Bank of India (RBI) on Monday said it has imposed a fine of Rs seven lakh on two cooperative banks. Of this, a fine of five lakh rupees has been imposed on commercial cooperative bank Maryadit for violation of KYC (Know Your Customer) and other rules. Maharashtra Nagari Cooperative Bank Maryadit, Latur has been fined Rs 2 lakh.
In a statement, the Reserve Bank said that Raipur-based commercial cooperative bank Maryadit has been fined Rs 5 lakh. This penalty has been imposed for setting up ATMs in the bank premises (on-site ATMs) and violating KYC instructions. In another release, the RBI said that the fine has been imposed on Maharashtra Nagari Cooperative Bank Maryadit for violating instructions given about KYC.
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