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RBI imposes monetary penalty of ₹60.30 lakh on five co-operative banks. Details here
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₹60.3 lakh on five cooperative banks for contravention of various regulatory norms. A penalty of ₹43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for non-compliance with RBI directions on 'ban on loans and advances to directors and their relatives, and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts in the names of certain bodies/organizations' and 'maintenance of deposit accounts'.
The central bank has imposed a monetary penalty of ₹5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand). Besides, a penalty of ₹2 has been imposed on the District Co-operative Bank (Dehradun).
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