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In April 2022, the RBI has imposed a monetary penalty of how much on Rajkot Nagarik Sahakari Bank Limited, Rajkot?

In April 2022, the RBI has imposed a monetary penalty of how much on Rajkot Nagarik Sahakari Bank Limited, Rajkot? Correct Answer ₹12.00 lakh

The correct answer is ₹12.00 lakh.

Key Points

  • The RBI has imposed a monetary penalty of ₹12.00 lakh on Rajkot Nagarik Sahakari Bank Limited, Rajkot.
  • It has been fined for non-compliance with the direction issued by RBI on ‘Interest Rate on Deposits’.
  • This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of Banking Regulation Act, 1949 (BR Act).

Additional Information

  • RBI:
    • Governor - Shaktikanta Das.
    • Headquarters - Mumbai.
    • Founded: 1 April 1935, Kolkata.
    • The Bank publishes two statutory reports, the Annual Report of the Bank and the Report on Trend and Progress of Banking in India.
    • It also publishes Financial Stability Report.

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