RBI Imposes Penalty on 2 Cooperative Banks of Odisha

New Delhi: Monetary penalties were imposed on two cooperative banks of Odisha by the Reserve Bank of India (RBI) for various contraventions and non-compliances with financial guidelines. The RBI has also imposed similar penalties on seven other cooperative banks in the country.

The two cooperative banks of Odisha that have been penalised by the RBI are the Berhampur Cooperative Urban Bank, and the Kendrapara Urban Co-operative Bank.

The cooperative banks of other states that will have to pay monetary penalties are The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank, Renuka Nagarik Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank.

The penalties imposed on these banks range from Rs 25,000 to Rs 3.1 lakh.