(ET)
The Reserve Bank on Monday said it has imposed penalty on eight cooperative banks, including Rs 55 lakh on The Visakhapatnam Co-operative Bank, for deficiencies in regulatory compliances. The central bank informed about the penalties through multiple statements.
A penalty of Rs 10 lakh has been imposed on Bharat Heavy Electricals Employees’ Co-operative Bank, Kailasapuram, Tiruchirappalli, Tamil Nadu; Rs 5 lakh on The Ottapalam Co-operative Urban Bank Ltd, No.F. 1647, Ottapalam, Palakkad District, Kerala; and Rs 10 lakh on The Darussalam Co-operative Urban Bank, Hyderabad, Telangana.
