Reserve Bank of India (RBI) has imposed a penalty of Rs5.75 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2.25 lakh has been imposed on Beed District Central Cooperative Bank Ltd from Maharashtra. Other banks penalised by the RBI include Gujarat-based Panchsheel Mercantile Cooperative Bank Ltd, Kerala-based Sultan’s Battery Cooperative Urban Bank Ltd and Nilambur Cooperative Urban Bank Ltd, and Tamil Nadu-based Kamaraj Cooperative Town Bank Ltd. Beed District Central Cooperative Bank has been penalised for contravention of provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on membership of credit information companies (CI

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