RBI imposes Rs 60.3 lakh penalty on five co-operative banks

Category : Business and economics Published on: April 22 2024

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RBI penalizes five co-operative banks with a total fine of Rs 60.3 lakh for regulatory violations.
Penalties relate to non-compliance with RBI directives regarding loans, savings account openings, and deposit account maintenance.
Rajkot Nagarik Sahakari Bank faces the highest penalty of Rs 43.30 lakh.
Violations include loans to directors and their relatives, restrictions on savings account openings, and deposit account maintenance.
The Kangra Co-operative Bank (New Delhi) is fined Rs 5 lakh.
Rajdhani Nagar Sahkari Bank (Lucknow) also receives a Rs 5 lakh penalty.
Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand), is subject to a Rs 5 lakh penalty.
District Co-operative Bank (Dehradun) is imposed with a penalty of Rs 2 lakh.