Reserve Bank of India (RBI) has imposed a penalty of Rs13.50 lakh on five cooperative banks, including four from Gujarat and one from Odisha, for non-compliance with the directions issued by the banking regulator.
Multiple banks fined, regulatory action taken for non-compliance, customers assured refunds, , reserve bank of india, Penalties, urban cooperative banks
The Reserve Bank of India (RBI) has cancelled the certificate of registration of Sitapur, Uttar Pradesh-based Urban Cooperative Bank Ltd, due to the lender s inadequate capital and poor earnings prospects.
Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks from Maharashtra for violation of different laws prescribed by the regulator. RBI has levied a fine of Rs4 lakh, the highest among the banks, on Jijamata Mahila Sahakari Bank Ltd.