Reserve Bank of India (RBI) has imposed monetary penalties on seven cooperative banks citing violation of various rules and regulations. Of RBI has levied a fine of Rs28 lakh, the highest among these cooperative banks, on Lucknow-based Uttar Pradesh Cooperative Bank Ltd.
Get latest articles and stories on India at LatestLY. Five people, including two Uttar Pradesh government employees, were arrested for cheating a cooperative bank of Rs 146 crore here, police said on Tuesday. India News | 2 UP Govt Employees Among 5 Held for Cheating Bank of Rs 146 Cr.
During investigations, it was found that the server of Cooperative Bank in Hazratganj, Lucknow was hacked, and the money transferred to different accounts in ICICI and HDFC banks.
An attempted heist at a Uttar Pradesh Cooperative Bank Limited branch in Lucknow s Hazratganj came to fore when branch officials suddenly noticed an online debit of Rs 146 crore from the bank account to seven different accounts in other banks.