RBI imposes monetary penalty on four Gujarat-based co-operative banks

New Delhi [India], December 22 (ANI): The Reserve Bank of India (RBI) has imposed monetary penalties on four co-operative banks, ranging from Rs 50,000 to Rs 7 lakh, for some non-compliances.

The entities against which the penalties have been slapped are Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, Gujarat (Rs 7 lakh), The Kutch Mercantile Co-operative Bank Ltd., Rapar, Dist. Kachchh, Gujarat (Rs 3 lakh), Shr