RBI imposed a tremendous of 5 lakhs on business cooperative financial institution

RBI has imposed a tremendous of Rs 5 lakh on business cooperative financial institution Maryadit Raipur. The penalty is imposed on violation of guidelines relating to beginning new ATMs and KYC ie buyer info. In the letter issued by the RBI, it’s talked about that in March 31, 2018, some directions got from the financial institution’s financial location, which was not adopted by the financial institution administration. The RBI gave a present trigger discover to the financial institution administration, after which a reply was despatched on behalf of the financial institution. But RBI was not glad with the reply and imposed a tremendous of 5 lakh rupees on business cooperative financial institution Maryadit Raipur for violation of guidelines and non-compliance of directions.