The Reserve Bank of India (RBI) has imposed fines on 8 co-operative banks for violating several rules

A fine of Rs 40 lakh has been imposed on Gujarat's Mehsana Urban Co-operative Bank.

A fine of Rs 7 lakh has been imposed on Indapur Urban Co-operative Bank, Indapur, Maharashtra for violation of certain provisions.

At the same time, Maharashtra's Varud Urban Co-operative Bank, Varud, Maharashtra's Yavatmal Urban Co-operative Bank, Yavatmal has been fined for violating Know Your Customer (KYC) norms.

The District Co-operative Central Bank Limited, Chhindwara of Madhya Pradesh has also been fined by the Reserve Bank of India for violating KYC norms.

Apart from this, RBI has also lashed its penalty on a cooperative bank of Guna.

Apart from this, a fine of Rs 25 lakh has been imposed on Chhattisgarh State Cooperative Bank Limited, Raipur for non-compliance of certain KYC provisions.

Panaji's Goa State Cooperative Bank has also been fined.

The Reserve Bank of India keeps on taking regulatory action on the cooperative and other banks of the country from time to time.