The Reserve Bank of India (RBI) has imposed a total penalty of Rs10.70 lakh on four cooperative banks from Gujarat and one non-banking financial company (NBFC) from Maharashtra for deficiencies in regulatory compliance.
The RBI on Monday announced that it has slapped fines on Gujarat Mercantile Co-operative Bank and Mumbai-based West End Housing Finance for violating norms.Gujarat Mercantile Co-operative Bank was penalised as the bank had breached the .
The Reserve Bank (RBI) has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: Gujarat Mercantile Co-operative Bank, Nagarik Sahakari Bank, Makarpura Industrial Estate Co-operative Bank and Sevalia Urban Co-operative Bank