Reserve Bank of India (RBI) has imposed a penalty of Rs4.50 lakh on three cooperative banks from Maharashtra and one from Madhya Pradesh for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Shirpur Peoples Cooperative Bank Ltd from Maharashtra.
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Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks citing the violation of different laws prescribed by the regulator. Three of these banks are from Gujarat, while the other belongs to Maharashtra.
The official inauguration of the merger of Indore Nagarik Sahakari Bank with the Maharashtra based Akola Urban Cooperative Bank took place on Monday in a glittering function organized in Madhya Pradesh.