Bank News: RBI is the country’s central bank. It supervises the governmental and non-governmental banks present in the country. If a bank violates the rules established by it, then action is taken against it in accordance with the rules. This time, the country’s largest private bank, HDFC, has made a mistake. RBI has imposed a heavy penalty for that. The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakhs on the Housing Development Finance Corporation (HDFC) for breaching certain provisions of the National Housing Bank (NHB). Giving this information on Friday, the central bank said that, based on the company’s financial situation as of March 31, 2022, the NHB had carried out a statutory inspection of the company.
What was the problem?
RBI said in the statement that it was revealed on inspection that the company was unable to transfer maturing deposits of some depositors to their designated bank accounts during 2019-20. Thereafter, a good cause notice was issued to the company. A few days after issuing the notice, the bank gave a response to RBI. After considering the company’s response, the Reserve Bank has concluded that the allegation of non-compliance is sufficient and warrants the imposition of a penalty. Let us tell you that last month, the Reserve Bank of India (RBI) placed several restrictions on five cooperative banks, including withdrawals. RBI had taken this step in view of the deteriorating financial condition of these banks.
Prohibition of these 5 banks
The RBI said in separate statements that these restrictions would remain in place for six months. Due to these restrictions, these banks are not allowed to make loans, make investments, incur new liabilities and transfer or dispose of any of their assets without prior notice to the RBI. According to RBI, due to the current cash position of HCBL Sahakari Bank, Lucknow (Uttar Pradesh), Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra) and Shimsha Sahakari Bank Regular, Maddur, Mandya (Karnataka), clients of these banks can withdraw from their accounts They will not be able to withdraw Rs. However, customers of Urvakonda Co-operative Municipal Bank, Urvakonda (Ananthapur District, Andhra Pradesh) and Shankarrao Mohite Patil Co-operative Bank, Akluj, Maharashtra will be able to withdraw up to Rs 5,000. The RBI said that eligible depositors of the five cooperative banks will be entitled to receive a deposit insurance claim amount of up to Rs five lakh from the Deposit Insurance and Credit Guarantee Corporation.
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