The Reserve Bank of India has levied fines on three cooperative banks due to various non-compliance issues. Angul United Central Cooperative Bank, located in Odisha, was fined Rs 1 lakh for failing to adhere to know-your-customer (KYC) regulations.
In Karnataka, Vishwakalyan Sahakara Bank Niyamit received a Rs 25,000 penalty for not complying with exposure norms and urban cooperative bank restrictions.
Additionally, after a statutory inspection by NABARD, Prakasam District Cooperative Central Bank in Andhra Pradesh was fined Rs 50,000 for delayed fraud reporting.
The RBI emphasized that these penalties reflect deficiencies in regulatory compliance and do not affect the validity of any transactions or agreements the banks have with their customers.
