Five cooperative banks are hit with financial penalties by RBI.
On December 14, the Reserve Bank of India (RBI) announced that it has fined five cooperative banks for a variety of rules infractions.
The Janakalyan Sahakari Bank in Mumbai, the Pune Merchants Co-operative Bank, the Indapur Urban Co-operative Bank, the Patan Urban Co-operative Bank, and the Pune Municipal Corporation Servant’s Co-operative Urban Bank are these cooperative banks.
Janakalyan Sahakari Bank has been fined Rs 5 lakh by RBI for non-compliance; Pune Merchants Co-operative Bank has been fined Rs 1 lakh; Indapur Urban Cooperative Bank Bank has been fined Rs 5 lakh; Patan Urban Co-operative Bank has been fined Rs 2 lakh; and Indapur Urban Cooperative Bank has been fined Rs 5 lakh.
