RBI imposed fine on Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank and The Satara Co-operative Bank for violating the rules.
RBI Penalty: The Reserve Bank of India (RBI) on May 2 said it has imposed monetary penalty of three co-operative banks for rule violations.
These banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank, RBI said in a release.
The central bank imposed Rs 5 lakh penalty on Lokmangal Co-operative Bank, Rs 2 lakh on The Satara Sahakari Bank, and Rs 1 lakh on The Udgir Urban Co-operative Bank, release said.
Monetary penalty on Lokmangal Co-operative Bank was imposed as bank not carried out periodic review of risk categorization of accounts and not carried out periodic updation of KYC as per the risk categorisation of the customers, release said.
