The Reserve Bank of India (RBI) has imposed penalties of up to Rs 5 lakh on 4 cooperative banks for violation of various norms. The central bank 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. 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. Rbi has imposed penalty of Rs 1 lakh on The Model Cooperative Urban Bank, Hyderabad, Telangana for violation directives and guidelines on loans and advances to directors and their relatives.
So let’s do:
1. Recently, RBI has imposed the penalty on how many cooperative banks?