RBI imposes fine of Rs 12 lakh on nine cooperative banks

Mumbai, Nov 14 (PTI) The Reserve Bank of India (RBI) has imposed a fine of around Rs 12 lakh on nine co-operative banks for violating various banking rules.

In separate releases issued on Monday, RBI said that nine co-operative banks have been fined Rs 11.60 lakh.

A fine of Rs 3.10 lakh has been imposed on Berhampur Sahakari Urban Bank (Odisha), Rs 2.5 lakh on Osmanabad Janata Sahakari Bank, Maharashtra and Rs 2 lakh on Santrampur Urban Co-operative Bank Ltd., Gujarat.

Apart from this, a fine of Rs one lakh each has been imposed on District Sahakari Kendriya Bank Maryadit, Madhya Pradesh, Jamshedpur Urban Sahakari Bank Ltd., Jharkhand and Renuka Nagrik Sahakari Bank Maryadit, Chhattisgarh.

At the same time, a fine of Rs 50,000 was imposed on Krishna Mercantile Co-operative Bank Ltd., Madhya Pradesh and Kendrapara Urban Co-operative Bank Ltd., Odisha.

According to the release, a fine of Rs 25,000 has been imposed on Navanagar Co-operative Bank Ltd., Gujarat.

RBI has said that this action is based on deficiencies in regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by the said bank with its customers.