Reserve Bank of India (RBI) has imposed a penalty of Rs4.50 lakh on three cooperative banks from Maharashtra and one from Madhya Pradesh for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Shirpur Peoples Cooperative Bank Ltd from Maharashtra.
The Reserve Bank of India (RBI) has imposed penalties totalling Rs42 lakh on three cooperative banks for violating norms and non-compliance. Those who are penalised include Chennai-based Tamil Nadu State Apex Cooperative Bank (Rs16 lakh), Bombay Mercantile Cooperative Bank (Rs13 lakh) and Pune-based Janata Sahakari Bank (Rs13 lakh).