Winning Bizness Desk

Mumbai. Showing the sign of imposing strict rules and regulations, the Reserve Bank of India has imposed heavy fines on 10 banks, including three private banks, for ignoring the mandatory discipline. Many big names are included in the banks that have been fined such as Jammu and Kashmir Bank (J&K Bank), Bank of Maharashtra and Axis Bank for flouting rules. Apart from this, a penalty has also been imposed on 7 co-operative banks. Taking big action, the RBIndia has imposed heavy fines on the big banks of the country. Penalty has been imposed on Bank of Maharashtra, Axis Bank and Jammu and Kashmir Bank. Due to violation of credit card rules, these banks have been fined. Apart from these, 7 cooperative banks have also been fined. This penalties were imposed on June 26, on the Textile Traders Co-operative Bank Ltd., Ujjain Nagrik Sahakari Bank Maryadit, Panihati Co-operative Bank, The Berhampur Co-operative Urban Bank, Solapur Siddheshwar Sahakari Bank, Uttar Pradesh Co-operative Bank Ltd. and Uttarpara Co-operative Bank.

Fine of Rs 2.5 crore on Jammu and Kashmir Bank

The Reserve Bank imposed a fine of Rs 2.5 crore on Jammu and Kashmir Bank, Rs 1.45 crore on Bank of Maharashtra and Rs 30 lakh on Axis Bank. Similarly, a fine of Rs 28 lakh has been imposed on Uttar Pradesh Co-operative Bank Limited, Rs 4.50 lakh on Textile Traders Co-operative Bank Limited, Rs 2.50 lakh on Panihati Co-operative Bank and Uttarpara Co-operative Bank. Similarly, a fine of Rs 1.50 lakh was imposed on Solapur Siddheshwar Sahakari Bank. On the other hand, Ujjain Nagrik Sahakari Bank, The Berhampur Co-operative Urban Bank has been fined Rs one lakh each.

Penalty will not affect the customers

In such a situation, the question was arising in the minds of the people that what will be the effect on the customers. Let us tell you that the penalty imposed by RBI on banks will not affect the customers. Customer service will continue as before. Their deposits are completely safe with the banks. There will be no effect on their transaction or agreement or loan. This fine has been imposed on the banks due to ignoring the rules.