Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks from Gujarat, citing the violation of different laws prescribed by the regulator. A maximum penalty of Rs6 lakh has been imposed on Surat National Cooperative Bank Ltd.
The Reserve Bank of India (RBI) has slapped monetary penalties on five co-operative banks in Gujarat for violation norms which include giving loans to their own directors which is not allowed.The RBI said it has imposed a monetary penalty of Rs .