Reserve Bank of India (RBI) has imposed a penalty of Rs6 lakh on five cooperative banks, citing the violation of different laws prescribed by the banking regulator. Of these, three banks are from Gujarat, while others belong to Bihar and Odisha.
RBI has imposed monetary penalties on 5 cooperative banks for deficiencies in regulatory compliance. These banks are: Patliputra Central Cooperative Bank, Patan Nagarik Sahakari Bank, Mandal Nagarik Sahakari Bank, Balasore Bhadrak Central Cooperative Bank and Dhrangadhra People’s Cooperative Bank