Banking News

india: RBI imposes monetary penalty on four cooperative banks for rule violations


The Reserve Bank of India (RBI) imposed monetary penalties on four cooperative banks on Thursday for rule violations.

The banks that have been penalised are the Baramati Sahakari Bank, the Becharaji Nagarik Sahakari Bank, the Waghodia Urban Co-operative Bank, and the Viramgam Mercantile Co-operative Bank, according to the releases.

The central bank has imposed a penalty of Rs 2 lakh each on Baramati Sahakari Bank and Becharaji Nagarik Sahakari Bank, as mentioned in the releases.

Moreover, it has imposed a penalty of Rs 5 lakh each on the Waghodia Urban Co-operative Bank and the Viramgam Mercantile Co-operative Bank.
Meanwhile, the RBI has penalised Becharaji Nagarik Sahakari Bank as the bank breached prudential inter-bank counter-party exposure limits.

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