Reserve Bank of India (RBI) has imposed monetary penalties on eight cooperative banks citing the violation of various rules and regulations. Of these eight banks penalised by RBI, three belong to Maharashtra, two to Gujarat, and one each from Chhattisgarh, West Bengal and Uttar Pradesh. RBI levied a penalty of Rs10 lakh each on Pratapgarh, Uttar Pradesh (UP)-based National Urban Cooperative Bank Ltd, and Surat-based The Sutex Cooperative Bank Ltd, which is the highest among the eight banks.
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