The Reserve Bank on Monday said that it has imposed a penalty on three cooperative banks in Maharashtra. Nashik Merchant Co-Operative Bankfor deficiencies in regulatory compliance.

In a statement, reserve Bank of India Has been fined Rs 37.50 lakh on Maharashtra State Cooperative BankFor non-compliance of directions issued by NABARD on ‘Guidelines for Fraud – Classification, Reporting and Monitoring’, Mumbai.

In another release, it said a penalty of Rs 50 lakh has been imposed on Nashik Merchant’s Co-operative Bank for contravention of directions issued by RBI on ‘Placement of deposits with other banks’ and ‘rate of interest on deposits’.

National Central Cooperative Bank Limited, Bettiah has been fined Rs 2 lakh for non-compliance of provisions of Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.

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