RBI Levys Rs 60.3 Lakh Fine On Five Co-Operative Banks

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RBI Levys Rs 60.3 Lakh Fine On Five Co-Operative Banks

The Reserve Bank has imposed penalties totalling Rs 60.3 lakh on five co-operative banks for contravention of various regulatory norms. In each case, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction of agreement entered into by the banks with their respective customers.A penalty of Rs 43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for…