RBI Imposes Fine On Three Co-Operative Banks

The Reserve Bank of India has taken action against three co-operative banks for non-compliance with the rules. The banks which have been penalized include Phaltan-based Yashwant Co-Operative Bank Ltd., Kokan Mercantile Co-operative Bank Ltd., Samta Co-operative Development Bank Ltd.

According to the statement, RBI has taken action against these banks for non-compliance. It was informed that action has been taken against Yashwant Co-operative Bank for non-compliance with the guidelines in respect of income, asset classification and other matters of Rs. Along with this, a penalty of Rs 2 lakh has also been imposed on Mumbai-based Kokan Mercantile Co-Operative Bank Limited for non-compliance with the rules. Apart from this, a fine of Rs 1 lakh has been imposed on Kolkata-based Samta Co-operative Development Bank Ltd.

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