New Delhi: The Reserve Bank of India (RBI) has taken action against two banks. RBI has imposed a fine of Rs 27.5 lakh on Dhanlaxmi Bank for not following the rules relating to the 'Education and Awareness Fund scheme of depositors.' In addition to this central bank, the multi-state primary cooperative bank of NE and EC railway employees at Gorakhpur has also been fined Rs 20 lakh for violating certain rules. The bank has imposed a total penalty of Rs 47.5 lakh on these two banks.

As per the statement issued by the RBI, Dhanlaxmi Bank has been fined for violation of a section of the Banking Regulation Act, 1949. The statement said that the inspection report of the Bank on 31st March 2019 of the Multi-State Primary Cooperative Bank of North Eastern (NE) and Middle Eastern (EC) Railway employees on economic status revealed non-compliance or violation of specific instructions issued under the supervisory action framework (SAF).

A 'show cause notice' was sent to the cooperative bank on the basis of the report. RBI said, "After considering the bank's response and oral submissions during the personal hearing, RBI came to the conclusion that the above allegation of non-compliance or violation of its directions was confirmed and hence monetary penalty was ordered.''

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