RBI imposed fine on 5 cooperative banks

• RBI imposed a fine of Rs 60.3 lakh on 5 cooperative banks for violating rules.

• A fine of Rs 43.30 lakh has been imposed on Rajkot Nagrik Sahakari Bank for non-compliance of RBI instructions.

• The RBI has 'prohibited granting of loans and advances to directors and their relatives and firms in which they have interest' and 'prohibited opening of savings bank accounts in the name of certain organisations.'

• A financial penalty of Rs 5 lakh each has been imposed by the central bank on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Co-operative Bank (Lucknow), and District Co-operative Bank, Garhwal (Kotdwar, Uttarakhand).

• Apart from this, a fine of Rs 2 has been imposed on District Co-operative Bank (Dehradun).