Banking and finance

RBI withdraws restrictions on Hindu Cooperative Bank, Pathankot

The RBI on Thursday withdrew all restrictions imposed on Hindu Cooperative Bank Restricted, Pathankot.

The Reserve Financial institution had issued instructions stipulating sure restrictions on the financial institution in March 2019. The instructions had been modified every now and then and had been final prolonged as much as October 24, 2021.

“The Reserve Financial institution of India on being glad that within the public curiosity it’s vital to take action…hereby, withdraws with impact from shut of enterprise on October 14, 2021, the mentioned instructions so issued to Hindu Cooperative Financial institution Restricted, Pathankot, Punjab,” it mentioned in an announcement.

In one other launch, the RBI mentioned it has imposed a penalty of Rs 1 lakh on KNS Financial institution, The Kurla Nagarik Sahakari Financial institution Ltd, Mumbai for contravention sure norms associated to Depositor Training and Consciousness Fund Scheme, 2014.

The RBI mentioned the inspection report of the financial institution primarily based on its monetary place as on March 31, 2020, revealed, inter alia, that the financial institution had not transferred balances, in sure accounts which had been unclaimed for greater than ten years to Depositor Training and Consciousness Fund.

The RBI, nevertheless, added the penalty relies on deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its prospects

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