Mumbay: On account of various violations or non-compliances with established norms, the Reserve Bank of India (RBI) has imposed financial fines on 9 cooperative banks.
The Berhampur Cooperative Urban Bank, the Kendrapara Urban Co-operative Bank, the Jamshedpur Urban Co-operative Bank, the Krishna Mercantile Co-operative Bank, the Renuka Nagarik Sahakari Bank Maryadit, the Jila Sahakari Kendriya Bank Maryadit, the Osmanabad Janata Sahakari Bank, the Santrampur Urban Co-operative Bank, and the Nawanagar Co-operative Bank are among these institutions.
The RBI stated that this course of action is based on regulatory compliance shortcomings and is not meant to rule on the legality of any transaction or arrangement made by the banks with their clients. The RBI concluded that the aforementioned claim was proved and called for the implementation of a financial penalty after taking into account the banks’ response to the notification.