Reserve Bank of India (RBI) has imposed a penalty of Rs84 lakh on five cooperative banks, including NKGSB Cooperative Bank Ltd and New India Cooperative Bank Ltd from Mumbai, for non-compliance with the directions issued by the banking regulator.
In 2021, scores of cooperative banks and co-operative credit societies across the country performed well despite Covid-19 and a majority of them took the historic step to woo their customers
Maharashtra-based New India Cooperative Bank has shown a net loss to the tune of Rs 6.14 crore in the 2020-21 Financial Year. Earlier i.e. in 2019-20, the bank earned a net profit of Rs 5.17 crore.