23
Tuesday
April 2019
7:50 AM IST
News Headlines
Rahul liar of first order; should apologise to country: BJP on Cong chief''s affidavit in SC        Nation-wide emergency from midnight in Sri Lanka        Pant fires Delhi Capitals to six-wicket win over Rajasthan, go top of table        Shiv Sena asks govt to take over Jet Airways        Congress releases list of six candidates for Delhi Lok Sabha seats        SP-BSP-RLD, an alliance of hearts rather than parties: Akhilesh        CM Nath regime intimidating officials: Shivraj Singh Chouhan        Bairstow and Warner lead Sunrisers to 9-wicket victory        Dhoni''s 84* goes in vain as RCB win 1-run thriller against CSK        Sri Lanka serial blasts : Seven arrested over multiple blasts        Pak Prime Minister Imran Khan arrives in Iran        Serial blasts rip through Lanka on Easter Sunday: 228 dead, 450 injured        US confirms deaths of several Americans in Sri Lanka blasts        Pakistan deplores India''s decision to suspend cross-LoC trade        Multiple blasts likely to have "adverse impact" on Lankan tourism: tour operators        Kerala CM condemns terrorist attack in Sri Lanka        French Police detain over 120 people amid Yellow Vest rallies in Paris        Gunmen kill 2 in north Nigeria        Amit Shah: K Surendran represents believers all over world        Asking vote for those who insulted Ambedkar is stooping to new low: Yogi to Mayawati        
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Business News
RBI imposes Rs 1 lakh penalty on Lucknow-based co-op bank
 
Mumbai, Apr 10 (PTI) The Reserve Bank Wednesday said it has imposed a penalty of Rs 1 lakh on UP Postal Primary Co-operative Bank, Lucknow for violation of norms regarding shifting of its branch.

The RBI had issued a show-cause notice to the bank, in response to which the lender submitted a written reply.

After considering the facts of the case and the bank's reply in the matter and personal hearing, the Reserve Bank of India (RBI) came to the conclusion that the violation was substantiated and warranted imposition of penalty.

The Rs 1 lakh penalty has been imposed on the co-operative bank "for violation of RBI Instructions/Guidelines for shifting of its branch without obtaining prior approval from RBI", the central bank said.

On Tuesday, the RBI had imposed certain restrictions on The Mudhol Co-operative Bank, Bagalkot district, Karnataka till its "financial position improves".

From the close of business on April 8, 2019, the bank has been barred from granting or renewing any loans, make any investments, and acceptance of fresh deposits, without prior approval of RBI in writing.

"In particular, a sum not exceeding Rs 1,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn" subject to conditions stated in the RBI directions, it said.

The RBI, however, added that the directions issued to The Mudhol Co-operative Bank should not per se be construed as cancellation of the banking licence.

The bank will continue to undertake banking business with restrictions till its financial position improves, it added.


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KERALA NEWS
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INTERNATIONAL NEWS
Sri Lanka serial blasts : Seven arrested over multiple blasts
 Colombo: The Sri Lankan government said on Sunday that seven people had been arrested over the multi
Pak Prime Minister Imran Khan arrives in Iran
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NATIONAL NEWS
Rahul liar of first order; should apologise to country: BJP on Cong chief''s affidavit in SC
 New Delhi: The BJP demanded an apology from Rahul Gandhi on Monday after the Congress president expr
Shiv Sena asks govt to take over Jet Airways
Congress releases list of six candidates for Delhi Lok Sabha seats
SP-BSP-RLD, an alliance of hearts rather than parties: Akhilesh
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