RBI imposes monetary penalty of Rs 5 lakh on Gujarat-based co-operative bank

Mumbai (Maharashtra) [India], January 4 (ANI): The Reserve Bank of India (RBI) on Thursday said that it has imposed a monetary penalty of Rs 5 lakh on Shree Bharat Co-operative Bank Limited, which is situated in Vadodara, Gujarat.

RBI said that by an order dated December 13, 2023, it has imposed a monetary penalty of Rs 5 lakh for non-compliance with the directions issued by them on 'Placement of Deposits with Other Banks