Reserve Bank of India (RBI) has imposed a penalty of Rs67.05 lakh on four cooperative banks and one non-banking financial company (NBFC) for deficiencies in regulatory compliance. Of the four banks penalised, two belong to Maharashtra, while the remaining two are from Gujarat and Tamil Nadu.
The RBI has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. The co-operative banks are: Nasik Merchant’s Co-operative Bank, Mehsana Urban Co-operative Bank, Sangli Sahakari Bank, Pudukkottai Co-operative Town Bank
The Reserve Bank on Monday said it has imposed penalty on three cooperatives banks, including Maharashtra-based The Nasik Merchant s Co-operative Bank, for deficiencies in regulatory compliance.