RBI imposed a fine of 25 lakhs on some and 15 lakhs on some! Click here to know the whole issue

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The Reserve Bank of India (RBI) has imposed penalties on five cooperative banks for lapses in compliance with regulatory provisions. Giving this information in a statement, RBI said that a penalty of Rs 25 lakh has been imposed on Bengaluru-based Karnataka State Cooperative Apex Bank. He has been found guilty of non-compliance with the banking provisions relating to housing finance. 

Apart from this, a fine of Rs 15 lakh has been imposed on Thane Bharat Sahakari Bank Limited for not taking care of customer interest in unauthorized electronic banking transactions. 

RBI has imposed a fine of Rs 5 lakh on Rani Lakshmibai Urban Cooperative Bank based in Jhansi, Rs 2 lakh on Nicholson Cooperative Town Bank in Tanjore, Tamil Nadu, and Rs 10,000 on The Urban Cooperative Bank based in Rourkela. 

The central bank said that the decision to impose a penalty on these cooperative banks has been taken on the basis of violation of the provisions of the rules of the banking regulator.