Reserve Bank of India (RBI) has imposed a penalty of Rs13.50 lakh on five cooperative banks, including four from Gujarat and one from Odisha, for non-compliance with the directions issued by the banking regulator.
The Reserve Bank of India has imposed penalties on five Gujarat-based cooperative banks for non-compliance with its regulations. The penalties range from Rs 50,000 to Rs 5 lakh, with the most severe being a Rs 5 lakh penalty on the Vadodara-based Shree Bharat Co-operative Bank for non-compliance with its 2016 norms on interest rate on deposits.
The monetary penalty on each of these five banks by the RBI is based on deficiencies in regulatory compliance, RBI Imposes Penalties On 5 Gujarat-Based Cooperative Banks