Shriram Capital Receives RBI Approval to Launch ARC
The Reserve Bank of India (RBI) has imposed penalties totaling Rs 60.3 lakh on five co-operative banks for contravening various regulatory norms. These penalties primarily stem from non-compliance with specific directives issued by the RBI, encompassing bans on loans and advances to directors and their relatives, restrictions on opening savings accounts for certain entities, and maintenance of deposit accounts.
The RBI clarified that these penalties are based on deficiencies in regulatory compliance and are not intended to pass judgment on the validity of any transactions or agreements made by these banks with their respective customers.
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