Reserve Bank of India (RBI) has imposed a penalty of Rs89.95 lakh on five cooperative banks for non-compliance with RBI directions or prohibitory orders. The highest penalty of Rs59.90 lakh has been imposed on Nashik-based Janalaxmi Cooperative Bank Ltd.
The Reserve Bank of India (RBI) has levied penalties on several cooperative banks for various non-compliance issues. Nashik-based Janalaxmi Cooperative Bank has been fined Rs 59.90 lakh for failing to form a board of management within the extended timeline set by the RBI, extending credit facilities beyond prescribed limits to nominal members, and offering term deposits at higher interest rates than State Bank of India.