Mumbai: The Reserve Bank of India (RBI) on Monday said it has imposed penalties on three co-operative banks totalling Rs 5 lakh for deficiencies in regulatory compliance.
A penalty of Rs 2 lakh has been imposed on Baramulla Central Co-operative Bank Limited, Jammu and Kashmir for violation of RBI directions prohibiting acceptance of fresh deposits, the central bank said in a statement.
The RBI said it has imposed a penalty of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No.3) for non-adherence of directions issued under Exposure Norms and Statutory / Other Restrictions — UCBs, it said in another statement.