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The Reserve Bank has imposed penalties totalling Rs 44 lakh on four cooperative banks, including a Rs 16 lakh penalty on Chennai-based The Tamil Nadu State Apex Co-operative Bank, for contravention of various norms. A penalty of Rs 13 lakh has been imposed on Bombay Mercantile Co-operative Bank as it failed to transfer an eligible amount to Depositor Education and Awareness Fund (DEAF) within the prescribed period and transferred the same with delay. Moreover,a penalty of Rs 13 lakh has been imposed on Janata Sahakari Bank, Pune for non-compliance with directions on 'Interest Rate on Deposits'. A monetary penalty of Rs 2 lakh has been imposed on Baran Nagrik Sahkari Bank, Baran, Rajasthan for contravention of certain norms.
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