RBI slaps fine on bank

RBI has slapped a fine of Rs 5 lakh on the Kodagu District Central Co-operative bank here for violating norms.

The apex bank has directed the co-operative bank to close all mutual funds, a rule enacted recently and applicable to all financial institutions. The DCC Bank had Rs 60 crore as mutual funds and had recalled around Rs 44 crore. The managing director of the bank was summoned to Mysore recently by the RBI for an enquiry.

The apex bank has directed the co-operative bank to close all mutual funds, a rule enacted recently and applicable to all financial institutions. The DCC Bank had Rs 60 crore as mutual funds and had recalled around Rs 44 crore. The managing director of the bank was summoned to Mysore recently by the RBI for an enquiry.

-TOI

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