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India’s central bank on Monday (Apr 29) imposed a monetary penalty on five co-operative banks for multiple violations. The Reserve Bank of India (RBI) said all five banks were found in non-compliance of the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. The five banks that have been penalised are as follows:
Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks from Maharashtra for violation of different laws prescribed by the regulator. RBI has levied a fine of Rs4 lakh, the highest among the banks, on Jijamata Mahila Sahakari Bank Ltd.