Often the Reserve Bank of India (RBI) takes action against banks for violation of rules. Under this, the RBI has imposed a penalty of Rs 12.75 lakh on eight co-operative banks for deficiencies in regulatory compliance.
How much penalty on which bank: RBI has imposed a penalty of Rs.4 lakh on Nabapalli Co-operative Bank Limited (West Bengal) for non-compliance of directions under ‘Disclosure Standards and Statutory/Other Restrictions UCBs’. At the same time, a fine of Rs 3 lakh has been imposed on Baghat Urban Co-operative Bank Limited (Himachal Pradesh).
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These banks also include: The central bank has appointed Manipur Mahila Sahakari Bank Limited (Manipur), United India Sahakari Bank Limited (UP), District Co-operative Central Bank (Narsinghpur), Amravati Merchant Sahakari Bank Limited (Amravati), Faiz Mercantile Sahakari Bank Limited (Nashik) and Navnirman Sahakari Bank. Ltd. (Ahmedabad) has also been fined.