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Business News: Reserve Bank of India imposes penalties on 8 cooperative banks

Business News: Reserve Bank of India imposes penalties on 8 cooperative banks
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Eight UCBs across states penalized for flouting RBI norms

Some of the well-known urban cooperative banks in the country were penalized by the RBI recently for flouting its statutory

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RBI imposes penalties on 8 cooperative banks

Reserve Bank of India (RBI) on Monday said penalties have been imposed on eight cooperative banks for deficiencies in their regulatory compliances. A penalty of Rs 4 lakh has been imposed on The Associate Co-operative Bank Ltd, Surat (Gujarat) for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested', and

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