Tag: pune new slive updatse

PUNE: The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 lakh and Rs 3 lakh on the Pune-headquartered Muslim Cooperative Bank and the Jijamata Mahila Sahakari Bank, respectively.

The fine on the Muslim Cooperative Bank, the RBI said, was due to non-compliance to the mandatory KYC requirements for the account holders. The review dates back to the end of the 2018-19 fiscal.

“ The lapses in the KYC updation were found by the RBI in only a few out of the around 37,000 accounts that we have… As soon as we get the order, we will discuss it in the board and decide the course of action,” said PA Inamdar, the chairman of the Muslim Cooperative Bank.

The central bank said in its review, it found that the Jijamata Mahila Sahakari Bank had “not adhered” to the ceiling on advances to nominal members. “We will discuss the order in the bank’s board and decide on the future course of action,” said a spokesperson of the Jijamata Mahila Sahakari Bank.