The Reserve Bank of India imposes a fine of Rs 1 crore on Cooperative Rabobank

The Reserve Bank of India (RBI) on August 12 imposed a fine on Cooperative Rabobank U.A. as a result of a breach of the conditions relating to the transfer of the prescribed amount.

The penalty was imposed for non-compliance with instructions relating to the transfer of 25 percent of disclosed dividends for savings in excess of the 20 percent target, the central bank said in a statement issued on August 12.

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The RBI conducted a formal audit of the Supervisory Evaluation (ISE) based on the financial position of the bank since March 31, 2019. The RBI’s audit and Risk Assessment Report revealed violations of central bank’s provision and transfer policies of 25 percent disclosing savings, “he said. RBI.

After that, the central bank issued a notice to the bank. After reviewing the bank’s response to the notice, the RBI ruled that the violation guaranteed a fine, the central bank said.

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