RBI imposes monetary penalties on nine urban cooperative banks

Reserve Bank of India (RBI) on Monday slapped penalties on nine urban cooperative banks for non-compliance with various provisions.

The bank regulator has fined two banks each from Odisha, Madhya Pradesh, and Gujarat, and one bank each from Chhattisgarh, Maharashtra, and Jharkhand.

Odisha-based banks are Kendrapara Urban Co-operative Bank & Berhampur Cooperative Urban Bank. Gujarat-based banks are Santrampur Urban Co-operative Bank and Nawanagar Co-operative Bank and Madhya Pradesh-based Krishna Mercantile Co-operative Bank and Jila Sahakari Kendriya Bank.

One each from Jharkhand - The Jamshedpur Urban Cooperative Bank Ltd; Chattisgarh - Renuka Nagarik Sahakari Bank, and Maharashtra - Osmanabad Janata Sahakari Bank.

The banking regulator