RBI imposes monetary penalty on four Gujarat-based co-operative banks

New Delhi [India], December 22 : The Reserve Bank of India (RBI) has imposed monetary penalties on four co-operative banks, ranging from Rs 50,000 to Rs 7 lakh, for some non-compliances.

The entities against which the penalties have been slapped are Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, Gujarat (Rs 7 lakh), The Kutch Mercantile Co-operative Bank Ltd., Rapar, Dist. Kachchh, Gujarat (Rs 3 lakh), Shree Morbi Nagarik Sahakari Bank Ltd., Morbi, Gujarat (Rs 50,000), and Bhabhar Vibhag Nagarik Sahakari Bank Limited, Bhabhar, District Banaskantha, Gujarat (Rs 50,000).

The RBI concluded that the charge of non-compliance was substantiated and warranted the imposition of a monetary penalty on the bank.

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