The Reserve Bank of India (RBI) has imposed monetary penalties on four urban cooperative banks and one district central cooperative bank (DCCB) for violations of its regulatory norms and directions.

Beed District Central Co-operative Bank Ltd., Maharashtra, has been fined Rs 2.25 lakh for contravention of Section 26A read with Section 56 of the Act and for failing to comply with RBI’s directions on membership of Credit Information Companies (CICs) and Know Your Customer (KYC) guidelines.

The Panchsheel Mercantile Co-operative Bank Ltd., Surat, Gujarat, has been penalised Rs 1 lakh for non-compliance with directions on customer protection related to limiting the liability of customers in unauthorised electronic banking transactions.

In Kerala, the Sultan’s Battery Co-operative Urban Bank

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