The Reserve Bank of India (RBI) on Tuesday said it has imposed penalties of up to Rs 9 lakh total on four co-operative banks for violation of norms.
The central bank said it has imposed a monetary penalty of Rs 5 lakh on The Co-operative City Bank, Guwahati, for flouting know-your-customer (KYC) norms and non-adherence to requirements relating to identification and reporting of suspicious transactions.
A penalty of Rs 2 lakh has been imposed on Indapur Urban Co-operative Bank in Pune district of Maharashtra for violations of norms related to KYC and anti-money laundering and credit exposure norms on loans.
The RBI has also imposed a penalty of Rs 1 lakh on Shri Dadasaheb Gajmal Co-operative Bank in Pachora of Maharashtra’s district of Jalgaon for violation of norms relating to creation of floating charge on its assets without prior permission.
In a separate statement, the RBI said it has imposed a penalty of Rs 1 lakh on the Model Co-operative Urban Bank, Hyderabad, Telangana, for violation of directives and guidelines on loans and advances to directors and their relatives.