Reserve Bank of India (RBI) has imposed a penalty of Rs7.25 lakh on five cooperative banks, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Dr Panjabrao Deshmukh Urban Cooperative Bank Ltd from Maharashtra.
A notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the said directions.
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