Question
The Reserve Bank of India has recently imposed a
monetary penalty citing various rule violations. How many co-operative banks have been penalized for non-compliance?Solution
 The Reserve Bank of India (RBI) has imposed a monetary penalty on five cooperative banks citing various rule violations. RBI has imposed a monetary penalty of Rs 5 lakh on Janakalyan Sahakari Bank for non-compliance, Rs 1 lakh on Pune Merchants Co-operative Bank, Rs 5 lakh on Indapur Urban Cooperative Bank Bank, Rs 2 lakh on the Patan Urban Co-operative Bank and Rs 5 lakh on Indapur Urban Cooperative Bank Bank.
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