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RBI imposes fine on 8 urban co-operative banks for breach of various norms

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The RBI on Monday said it has imposed penalties on eight cooperative banks, including a fine of Rs 40 lakh on the Mehsana Urban Co-operative Bank, Gujarat, for non-compliance with various norms.

has been imposed on Mehsana Urban for non-compliance with certain provisions of the (Co-operative – Interest Rate on Deposits) Directions, 2016.

In another statement, it said a of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur (Maharashtra) for contravention of certain provisions related to exposure norms.

Three — Warud Urban Co-operative Bank, Warud (Maharashtra), Jila Sahakari Kendriya Bank Maryadit, Chhindwara (Madhya Pradesh) and the Yavatmal Urban Co-operative Bank, Yavatmal (Maharashtra) — have been penalised for non-compliance with Know Your Customer (KYC) norms.

A of Rs 25 lakh has been imposed on Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur (Chhattisgarh) for non-compliance with certain KYC provisions.

Garha Limited, Guna (Madhya Pradesh) and the Goa State Co-operative Bank, Panaji are the two other on which penalty has been imposed.

The RBI, however, added that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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