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On Monday the Reserve Bank of India (RBl) imposed penalty on two urban co-op banks for violation of its norms.
A monetary penalty of Rs 5.00 lakh was imposed on Vyavasayik Sahakari Bank Maryadit, Raipur (the bank) for non-compliance with directions issued by RBI on opening of On-site ATM and Know Your Customer (KYC).
The penalty has been imposed in exercise of powers vested in RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI in a release.