The Reserve Bank on Monday said that it has imposed a fine of Rs 55 lakh on eight cooperative banks. Visakhapatnam Co-operative Bank, for deficiencies in regulatory compliance. The central bank gave information about the fine through several statements.

Bharat Heavy Electricals Employees Co-Operative Bank, Kailasapuram, Tiruchirappalli, Tamil Nadu has been fined Rs 10 lakh; 5 lakh at Ottapalam Co-operative Urban Bank Ltd., No. F. 1647, Ottapalam, Palakkad District, Kerala ; and Rs 10 lakh on Darussalam Co-operative Urban Bank, Hyderabad, Telangana.

In a statement, reserve Bank of India A penalty of Rs 55 lakh has been imposed on Visakhapatnam Co-operative Bank, Visakhapatnam, Andhra Pradesh for violation of instructions relating to ‘Income Recognition, Asset Classification, Provisioning’ and Finance for Housing Schemes.

RBI has also imposed a fine of Rs 10 lakh each on The Nellore Co-Operative Urban Bank LimitedGandhi Nagar, Nellore District, Andhra Pradesh and Kakinada Co-Operative Town Bank Ltd., Kakinada, East Godavari District, Andhra Pradesh.

Also imposed a fine of one lakh rupees Kendrapara Urban Cooperative BankKendrapara and Rs 5 lakh National Urban Co-operative Bank Ltd.Pratapgarh, Uttar Pradesh.

In each case, RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to impinge on the validity of any transactions or agreements entered into by them with their customers.