The Reserve Bank of India (RBI) has imposed a hefty penalty of Rs 43.30 lakh on Rajkot Nagarik Sahakari Bank (RNSCB), a well-known cooperative bank in Rajkot, causing a stir in the cooperative sector and among depositors. The strict action has been taken for several reasons, including doling out loans to firms related to the bank's directors, irregularities in opening saving accounts, and levying penalties on inoperative accounts. It is important to note that a legal inspection was conducted on March 31, 2022, which revealed non-compliance with RBI guidelines
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Wed, Jan 22, 2025
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