The Reserve Bank of India (RBI) has imposed a Rs36.50 lakh penalty on four cooperative banks and one non-banking financial company (NBFC) for violating various rules and regulations. One bank belongs to West Bengal, while the remaining three banks and the NBFC are from Maharashtra. RBI has levied a fine of Rs30.50 lakh, the maximum among the five entities, on Mahararashtra-based NBFC Paul Merchants Finance Pvt Ltd.