The Reserve Bank of India (RBI) has imposed penalties totalling Rs42 lakh on three cooperative banks for violating norms and non-compliance. Those who are penalised include Chennai-based Tamil Nadu State Apex Cooperative Bank (Rs16 lakh), Bombay Mercantile Cooperative Bank (Rs13 lakh) and Pune-based Janata Sahakari Bank (Rs13 lakh).
The central bank said a penalty of Rs 13 lakh has been imposed on Janata Sahakari Bank, Pune for non-compliance with directions on Interest Rate on Deposits .
The Adoor Co-operative Urban Bank will ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as non-banking institution, the RBI said