RBI Imposed A Fine Of Rs 23 Lakhs On 3 Cooperative Banks

RBI imposed a fine of Rs 23 lakh on these 3 cooperative banks, know what is the reason.

The Reserve Bank of India (RBI) has imposed a fine of Rs 23 lakh on three cooperative banks, including Mumbai’s Mogavira Co-Operative Bank Ltd.

Fines have been imposed on them for not following various rules. Of these, the highest fine of Rs 12 lakh has been imposed on Mogaveera Co-Operative Bank Ltd.

Rs 10 lakh on Indapur Urban Co-Operative Bank, and Rs 1 lakh on The Baramati Sahakari Bank Ltd. of Baramati.

Mogavira Co-Operative Bank had not fully transferred the unclaimed deposits to the Depositor Education and Awareness (DEA) Fund as of March 31, 2019.

Based on the financial position of the bank and also did not conduct an annual review of dormant accounts.

RBI gave this information. RBI also found in the inspection that there was no mechanism for periodic review of risk classification of accounts in the bank.

With regard to Indapur Co-operative Bank, RBI said that based on the financial position of the bank as of March 31, 2019.

The inspection report revealed that it did not adhere to the unified limit on unsecured advances and risk classification of accounts with the bank.

There was no system of periodic review. Also, the bank did not have a robust system to generate alerts in case the transactions are inconsistent in terms of risk categorization of customers.

IPO of this company of Uttar Pradesh will open tomorrow, 1 lot of shares will be available for 15 thousand

The IPO of Uttar Pradesh’s leading agrichemical firm India Pesticide will come on Wednesday, June 23. This IPO will be open for general investors till June 25.

The company has fixed a price band of 290-296 per share for its Rs 800 crore IPO. According to India Pesticide, anchor investors have placed bids for the shares on June 22.

Under the Rs, 800 crore IPO of India Pesticide, new shares worth Rs 100 crore are being issued.

The promoter Anand Swaroop Agarwal is making a sale offer of Rs 281.4 crore. Other shareholders are offering shares worth Rs 418.6 crore.

What is the plan of India Pesticide.

The Uttar Pradesh-based company had earlier said that it may consider the pre-IPO placement of Rs 75 crore.

The company said the proceeds of the new issue will be used for working capital requirements and general corporate business.

What does the company do.

India Pesticide is the country’s leading agrochemical company. The manufacturing technology capacity of the company is 19500 Mt.

While there is a capacity of 6500 Mt for formulations. According to brokerage houses, the fundamentals of the company are very strong. Taking his outlook positive.

Plant in Lucknow.

The company has plants in Lucknow and Hardoi. The company has 22 agrochemical technical registrations and licenses.

What do experts say.

The stock market had crossed the level of 53000 on Tuesday. This is the all-time high till now.

According to Vinod Modi, Strategy Head, Reliance Securities, the recovery in shares of public sector banks is the main reason for the rally in the market.

After the fall, investors once again preferred to buy in the shares of small and medium companies.