Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks citing the violation of different laws prescribed by the regulator. Of these, two banks are from West Bengal, while others belong to Gujarat and Aska. RBI has levied a fine of Rs5 lakh, the highest among the banks, on Baroda Gujarat Gramin Bank Ltd.
The RBI has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These banks are Baroda Gujarat Gramin Bank, Vadodara, The Aska Co-operative Central Bank Ltd., Bally Cooperative Bank Ltd., Howrah and The Nabapalli Co-operative Bank Ltd., West Bengal.