In another statement, it said a penalty of Rs 7 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur (Maharashtra) for contravention of certain provisions related to exposure norms.
Three banks — Warud Urban Co-operative Bank, Warud (Maharashtra), Jila Sahakari Kendriya Bank Maryadit, Chhindwara (Madhya Pradesh) and the Yavatmal Urban Co-operative Bank, Yavatmal (Maharashtra) — have been penalised for non-compliance with Know Your Customer (KYC) norms.
A penalty of Rs 25 lakh has been imposed on Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur (Chhattisgarh) for non-compliance with certain KYC provisions.
Garha Co-operative Bank Limited, Guna (Madhya Pradesh) and the Goa State Co-operative Bank, Panaji are the two other banks on which penalty has been imposed.
The RBI, however, added that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.