The Reserve Bank of India has penalized five urban cooperative banks on various instances of flouting its norms. These banks are Mumbai based Janakalyan Sahakari Ban
The RBI imposed penalties on 5 cooperative banks for deficiencies in regulatory compliance. These cooperative banks are: Indapur Urban Cooperative Bank, Janakalyan Sahakari Bank, Patan Urban Cooperative Bank, Pune Merchants Cooperative Bank, Pune Municipal Corp Servant’s Cooperative Urban Bank
The penalties imposed on these eight banks ranged from Rs 1 lakh to Rs 40 lakh. Furthermore, the RBI imposed a monetary penalty on Spandana Sphoorty Financial, an NBFC.