RBI slaps penalty on these Five Cooperative Banks

The Reserve Bank of India has fined five cooperative banks a total of Rs 60.3 lakh for violating various regulatory norms. Rajkot Nagarik Sahakari Bank faces a penalty of Rs 43.30 lakh for not adhering to RBI guidelines regarding the prohibition of loans and advances to directors and their relatives, and businesses in which they have an interest, as well as rules against opening savings accounts for certain organizations and maintaining deposit accounts.

The central bank also levied a monetary penalty of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand). Additionally, a penalty of Rs 2 lakh has been imposed on District Co-operative Bank (Dehradun). In all instances, the RBI noted that the penalties were due to regulatory compliance shortcomings and were not intended to evaluate the validity of any transactions or agreements the banks may have entered into with their customers.

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