The Madras High Court recently suggested that benefits like flood relief, Pongal gifts etc could be directly paid to the bank accounts of the beneficiaries without making cash payments. The court.
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Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks for violating various rules and regulations prescribed by RBI. Of these, three banks are from Maharashtra, while others belong to West Bengal and Gujarat. RBI levied a penalty of Rs3 lakh, the highest among five banks, on Maharashtra-based Manmandir Cooperative Bank Ltd.
Reserve Bank of India (RBI) has imposed a penalty of Rs6 lakh on five cooperative banks, citing the violation of different laws prescribed by the banking regulator. Of these, three banks are from Gujarat, while others belong to Bihar and Odisha.