RBI imposes monetary penalty on 5 cooperative banks

The Reserve Bank of India (RBI) on December 14 said it has imposed a monetary penalty on five cooperative banks citing various rule violations.

These cooperative banks are Mumbai-based Janakalyan Sahakari Bank, Pune Merchants Co-operative Bank, Pune Municipal Corporation Servant’s Co-operative Urban Bank, Indapur Urban Co-operative Bank and Patan Urban Co-operative Bank.

RBI has imposed a monetary penalty of Rs 5 lakh on Janakalyan Sahakari Bank for non-compliance, Rs 1 lakh on Pune Merchants Co-operative Bank, Rs 5 lakh on Indapur Urban Cooperative Bank Bank, Rs 2 lakh on the Patan Urban Co-operative Bank and Rs 5 lakh on Indapur Urban Cooperative Bank Bank.