The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on RBL Bank for non-compliance with provisions of the Banking Regulation Act, 1949. RBI said the penalty has been imposed in exercise of powers vested in it under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Act. An examination carried out by the RBI showed that the private lender was non-compliant in opening five savings deposit accounts for a cooperative bank.
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The Reserve Bank of India (RBI) also fined the Jammu and Kashmir (J&K) State Co-operative Bank, Srinagar with an Rs 11 lakh penalty for inadequacy in regulatory adherence. According to the report, contravention of section 23 read with section 56 of the Banking Regulation Act, 1949 as the J&K State Co-operative Bank had opened branches without getting a prior nod from RBI.
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