RBI imposes penalty on 3 co-operative banks for deficiencies in regulatory compliances

Penalties were imposed on three cooperative banks by the reserve bank of India due to the discrepancies in regulatory compliances.

RBI has imposed a fine of ₹ 4.50 lakh on Nagrik Sahakari Bank Maryadit for not adhering to the guidelines issued by the RBI for urban cooperative banks regarding exposure norms, statutory restrictions and Know Your Customer KYC.

Further, the central bank had imposed a penalty of ₹ 1 lakh on Jila Sahakari Kendriya Bank Maryadit, Panna, as they were found violating the provisions of the Banking Regulation Act. 194, the Education and Awareness Fund Scheme, 2014 and KYC.