The RBI imposed monetary penalties on five cooperative banks for deficiencies in regulatory compliance. These cooperative banks are: The Manmandir Co-operative Bank, The Lakhvad Nagarik Sahakari Bank, Contai Co-operative Bank Ltd, Sarvodaya Co-operative Bank Ltd, and Sanmitra Sahakari Bank Ltd
Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks for violating various rules and regulations prescribed by RBI. Of these, three banks are from Maharashtra, while others belong to West Bengal and Gujarat. RBI levied a penalty of Rs3 lakh, the highest among five banks, on Maharashtra-based Manmandir Cooperative Bank Ltd.