RBI took measures against another bank for violating the rules. Punishment was imposed. Let us know why the central bank took this step and will this action also affect customers?
RBI campaign: The Reserve Bank of India (RBI) took measures against Shri Ganesh Saikari Bank Limited, Nashik, in Maharashtra. A fine from RS One Lakh was imposed. RBI gave this information on April 7 by a message. Let us tell them that Aryavart Bank in Lucknow was imposed on a fine of 36 Lakh last week. At the same time, more than 30 banks were affected in March.
This was taken as part of various provisions of the Central Bank of 1949. The bank is accused of violating KYC and other bank rules. In fact, on March 31, 2024, the RBI carried out an inspection in relation to the financial position of the bank. In the meantime it was found that the bank did not follow many guidelines. Then a message from the exhibition was issued. Further investigations have been continued. Note that the bank’s answer and other presentations were imposed on a fine was considered a better option.
3 allegations against the bank
The bank was unable to transfer the beneficiary unused amount to the educational and sensitization fund within the specified time. Apart from that, the customer could not be updated by the customer within the specified period. The risk classification of all accounts was not checked at least once in 6 months.
Customers don’t have to worry
The Reserve Bank of India regulates all banks and NBFCs across the country. Many rules have been set for the operation, and when they are injured, RBI took measures. Special examinations are also carried out. However, this action does not affect customers. The transactions or agreements between the bank and the customer have no effect. If you also have an account in this bank, you don’t have to worry. You can use all facilities as before.
