The Reserve Bank on Monday said it has imposed penalty on three cooperatives banks, including Maharashtra-based The Nasik Merchant's Co-operative Bank, for deficiencies in regulatory compliance.
In a statement, the RBI said a penalty of Rs 37.50 lakh has been imposed on The Maharashtra State Co-operative Bank, Mumbai for non-compliance with the directions issued by Nabard on 'Frauds - Guidelines for Classification, Reporting and Monitoring'.
In another release, The Nasik Merchant's Co-operative Bank has been fined for Rs 50 lakh for contravention of directions issued by the RBI on 'Placement of deposits with other banks' and 'Interest Rate on Deposits'.
A penalty of Rs 2 lakh has been imposed on The National Central Cooperative Bank Limited, Bettiah for non-compliance with provisions of the Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.
In each case, the RBI added, the penalty 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 banks with their customers.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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