Regulatory Fallout: RBI Imposes Rs. 63.5 Lakhs Penalty on Three Co-operative Banks

By Navasree A.M - On November 22, 2023 4:45 pm - 2 mins read
RBI - Penalty - Cooperative Banks - Reserve Bank of India - monetary - Co-operative Bank Ltd - taxscan

The Reserve Bank of India (RBI) has levied monetary penalties on three co-operative banks totaling Rs. 63.5 lakhs for regulatory compliance deficiencies. Additionally, The Nasik Merchant’s Co-operative Bank Ltd., Nashik, received a penalty of ₹48.30 lakh (Rupees Forty-eight lakh thirty thousand only) on November 2, 2023, for non-compliance with RBI directives related to ‘Frauds in…

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