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The Reserve Bank of India has imposed a penalty on three cooperative banks, including Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh, for deficiencies in regulatory compliances

The Reserve Bank of India has imposed a penalty on three cooperative banks, including Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh, for deficiencies in regulatory compliances.

A fine of Rs 4.50 lakh has been imposed on Nagrik Sahakari Bank Maryadit for contravention of the directions issued by the RBI to urban cooperative banks on exposure norms and statutory/other restrictions-UCBs and Know Your Customer (KYC), the central bank said.

The Reserve Bank has imposed a penalty of Rs 1 lakh on Jila Sahakari Kendriya Bank Maryadit, Panna for contravention of certain provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014 and KYC.

Also, a penalty of Rs 25,000 was imposed on Jila Sahakari Kendriya Bank Maryadit, Satna for non-compliance with the provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014.

The RBI, however, added the penalties are 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 respective customers.

(PTI)