These banks are The Berhampur Cooperative Urban Bank, The Kendrapara Urban Co-operative Bank , The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank, Renuka Nagarik Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank.
Penalties ranging from Rs 25,000 to Rs 3.1 lakh have been imposed on these banks. reserve Bank of India Nine said in standalone statements on Monday.
The RBI said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
After considering the reply of the banks to the notice, RBI came to the conclusion that the said allegation was substantiated and required to be implemented. monetary penalty,