RBI said on Monday that it has imposed a penalty on eight Cooperative bankThe Mehsana Urban Co-operative Bank, Gujarat has also been fined Rs 40 lakh for non-compliance of various norms. a punishment Mehsana Urban Co-Operative Bank has been imposed for non-compliance of certain provisions reserve Bank of India (cooperative banks – Rate of Interest on Deposits) Directions, 2016.

In another statement, it said a fine of Rs 7 lakh has been imposed Indapur Urban Co-operative BankIndapur (Maharashtra) for violation of certain provisions relating to exposure norms.

Three banks — Warud Urban Co-operative Bank, Warud (Maharashtra), Jila Sahakari Kendriya Bank Maryadit, Chhindwara (Madhya Pradesh) and the Yavatmal Urban Co-operative Bank, Yavatmal (Maharashtra) — have been penalised for non-compliance with Know Your Customer (KYC) criteria.

has been fined Rs 25 lakh on Chhattisgarh State Cooperative Bank Limited, Raipur (C.G.) for non-compliance of certain KYC provisions.

Garha Sahakari Bank Ltd., Guna (Madhya Pradesh) and Goa State Co-operative Bank, Panaji are two other banks that have been fined.

RBI, however, said the penalty is based on deficiencies in regulatory compliance and is not intended to impinge on the validity of any transaction or agreement entered into by banks with their customers.