The Reserve Bank on Tuesday imposed penalties of Rs1 lakh each on four cooperative banks on various charges including violation of anti-money laundering guidelines.
The four banks are the Jamnagar Mahila Sahakari Bank, Amreli Nagarik Sahkari Bank, Shri Mahila Sewa Sahakari Bank, Ahmedabad, and the Virambam Mercantile Cooperative Bank, the RBI said in different statements.
While Jamnagar Mahila Sahakari Bank and Amreli Nagarik Sahkari Bank were found guilty of violating instructions related to anti-money laundering guidelines, the Ahmedabad- based Shri Mahila Sewa Sahakari Bank was held responsible for violating instructions on grant of unsecured advances in excess of the prescribed ceiling.
The Virambam Mercantile Cooperative Bank, meanwhile, was charged with non-filing of cash transaction report with concerned authorities.
RBI did not provide further details of the cases.
RBI’s action comes a day after it imposed penalties of up to Rs5 lakh on two cooperative sector lenders – Surat Mercantile Co-operative Bank and Urban Co-operative Bank, Cuttack – for violation of banking norms.