(ET)
The RBI on Monday said it has imposed penalties on eight cooperative banks, including a fine of Rs 40 lakh on the Mehsana Urban Co-operative Bank, Gujarat, for non-compliance with various norms. Penalty has been imposed on Mehsana Urban Co-operative Bank for non-compliance with certain provisions of the Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016. In another statement, it said a penalty of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur (Maharashtra) for contravention of certain provisions related to exposure norms.
Three banks — Warud Urban Co-operative Bank, Warud (Maharashtra), Jila Sahakari Kendriya Bank Maryadit, Chhindwara (Madhya Pradesh) and the Yavatmal Urban Co-operative Bank, Yavatmal (Maharashtra) — have been penalised for non-compliance with Know Your Customer (KYC) norms.
