Reserve Bank On Monday, it imposed a collective penalty of about Rs 12 lakh on several cooperative and other banks for violating various banking norms. Nine entities, including six co-operative banks and three banks, have been fined Rs 11.60 lakh. Co-operative Bank, reserve Bank of India said in a separate release.

Berhampur Cooperative Urban Bank (Odisha) has been fined Rs 3.10 lakh; Osmanabad Janata Sahakari BankOsmanabad (Maharashtra) Rs 2.5 lakh; and Santrampur Urban Cooperative Bank Ltd., Santrampur in Mahisagar district (Gujarat) fined Rs.2 lakh.

among others, District Cooperative Central Bank LimitedBalaghat (Madhya Pradesh); Jamshedpur Urban Cooperative Bank Ltd., Jamshedpur, Jharkhand ; And Renuka Citizen Cooperative Bank LimitedAmbikapur (Chhattisgarh) has been fined Rs 1 lakh each.

Krishna Mercantile Co-Operative Bank LimitedBhopal (Madhya Pradesh) and Kendrapara Urban Co-operative Bank Ltd., Kendrapara, Odisha were fined Rs 50,000 each.

Navanagar Sahakari Bank Limited, Jamnagar (Gujarat) has been fined Rs 25,000, as per an RBI release.

The RBI said its 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 bank with its customers.