Reserve Bank of India (RBI) has imposed a penalty of Rs1.13 crore on four cooperative banks, including Bombay Mercantile Cooperative Bank Ltd, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs63.30 lakh has been imposed on Bombay Mercantile Cooperative Bank.
Reserve Bank of India (RBI) has imposed a penalty of Rs1.13 crore on four cooperative banks, including Bombay Mercantile Cooperative Bank Ltd, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs63.30 lakh has been imposed on Bombay Mercantile Cooperative Bank.
Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks, citing the violation of different laws prescribed by the regulator. Three banks are from Gujarat, while others belong to Maharashtra and West Bengal. RBI has levied a fine of Rs2 lakh, the highest among the banks, on Sardargunj Mercantile Cooperative Bank Ltd from Gujarat.
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