The RBI imposed monetary penalties on five cooperative banks for deficiencies in regulatory compliance. These cooperative banks are: The Manmandir Co-operative Bank, The Lakhvad Nagarik Sahakari Bank, Contai Co-operative Bank Ltd, Sarvodaya Co-operative Bank Ltd, and Sanmitra Sahakari Bank Ltd
The Reserve Bank of India has penalized five urban cooperative banks on various instances of flouting its norms. These banks are Mumbai based Janakalyan Sahakari Ban
Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks, citing the violation of different laws prescribed by the regulator. Four banks are from Maharashtra, while the other belongs to Gujarat. RBI has levied a fine of Rs13 lakh, the highest among the banks, on SBPP Cooperative Bank Ltd from Gujarat.