RBI imposes monetary penalty on 4 co-operative banks for violating rules

RBI penalties

The Reserve Bank of India (RBI) on February 1 said it imposed monetary penalties on four cooperative banks for violating rules.

Shirpur Peoples Co-operative Bank, Janata Sahakari Bank, Nagrik Sahakari Bank Maryadit and Nashik Zilha Sarkari & Parishad Karmachari Sahakari Bank Niyamit were penalised for deficiencies in regulatory compliance.

“The penalty has been imposed for non-compliance with directions issued on exposure norms and statutory other restrictions…,” the central bank said while talking about Rs 2 lakh penalty on Shirpur Peoples Co-operative Bank

Janata Sahakari Bank was fine Rs 1 lakh “for non-compliance with directions issued by RBI on Exposure Norms”, it said

Nagrik Sahakari Bank Maryadit was penalised a similar amount for non-compliance with the know your customer (KYC) norms.

Janata Sahakari Bank Limited was fined Rs 50,000.