RBI slaps Rs10 lakh penalty on Four Cooperative banks

The RBI bank on Thursday had imposed the penalty of 10 lakh on 4 corporate banks and a penalty of Rs 5 lakh on Jowai Cooperated Urban Bank Limited for deficiency in regulatory compliance. The RBI has imposed the penalty of 2 lakh rupee each on the Krishnanagar City cooperative bank Ltd and the Tura Urban cooperative bank Ltd for the same.

As per the investigation, RBI said that inspection report of banks based on the financial position and disclosed inter-alia and contravention compliance.

RBI intended that the action on the bank has been taken on the deficiency in regulatory compliance and not pronounce upon the validity of the transaction.

RBI came to the conclusion of aforesaid of non-compliance we're confirmed and warranted imposition of monetary liability.