Get latest articles and stories on Business at LatestLY. This action is based on a deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said in the statement. Business News | RBI Slaps Rs 1.25-crore Penalty on Zoroastrian Co-operative Bank.
Mumbai (Maharashtra) [India], November 29 (ANI) The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.25 crore on Zoroastrian Co-operative Bank, Bombay, for non-compliance with RBI directions on Discounting of Bills by UCBs - Restricted Letters of Credit and the provisions of the Co-operative Banks Rules, 1985.