Reserve (reserve Bank of India) said on Wednesday that he has fined two Cooperative bank for some shortcomings regulatory compliance. The Swashakti Mercantile Cooperative Urban Bank, Vijayawada has been fined Rs 5 lakh for violation/non-compliance of certain provisions of the directions issued vide a 2015 circular on ‘Board of Directors-UCB’.

In another statement, RBI said a penalty of Rs 40,000 has been imposed Shikshak Sahakari Bank, Nagpur, for non-compliance of regulatory directions contained in the Direction on ‘Membership of Credit Information Companies (CICs)’ and the provisions of the Credit Information Companies Rules, 2006.

In both cases, however, the central bank said the action on lenders was based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreements entered into with its customers.