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.
Known for his strong networking skills, Ajay Patel was last month unanimously selected as Chairman of New-Delhi based Co-operative Bank of India (COBI), an apex body of multi-state urban co-operative banks, national co-operative federations and land development banks.
The Reserve Bank of India (RBI)’s expert committee on primary (urban) co-operative banks (UCBs) has recommended a regulatory nudge for weak UCBs to explore voluntary merger or conversion into a non-banking society at an early stage.