RBI imposes penalties on 3 Co-Operative banks

RBI has imposed penalties totalingR.5 lakh on three cooperative banks for various non compliances.

A penalty of Rs.2 lakh has been imposed on The Yashwant Cooperative Bank Limited, Phaltan for contravention of non-compliance with directions issued by it on Income Recognition, Asset Classification, Provisioning and other related Matters, the RBI said in a statement.

In another statement, the central bank said a penalty of Rs 2 lakh has been imposed on Kokan Mercantile Co-operative Bank Ltd., Mumbai for similar non-compliance.

The RBI has also imposed a penalty of Rs 1 lakh on the Samata Cooperative Development Bank Limited, Kolkata, for contravention of directions issued by it on ‘Exposure Norms & Statutory/Other Restrictions-UCBs’, the RBI said in a separate filing.