Daijiworld Media Network - New Delhi

New Delhi, Sep 25: The Reserve Bank of India (RBI) has imposed financial penalties on five cooperative banks across the country for various regulatory violations, following inspections that revealed non-compliance in key areas such as housing finance, Know Your Customer (KYC) norms, cyber security, and product transparency.

In orders issued on September 22 and 23, the RBI slapped a Rs 10 lakh penalty on Gayatri Co-operative Urban Bank Limited, Jagtial (Telangana) for violating guidelines on the sale of insurance products. The bank was found selling such products without proper disclosure, breaching RBI norms related to the marketing and distribution of financial instruments.

Makarpura Industrial Estate Co-operative Bank Limited in Vadodara (Gujarat)

See Full Page