RBI imposes penalty on Zoroastrian, Indian Mercantile and 5 other co-op banks
RBI, however, added that penalties are based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers
The Reserve Bank of India on Monday imposed penalties on three cooperative banks. The central bank imposed penalty on Zoroastrian Co-operative Bank, Indian Mercantile Co-operative Bank, Lucknow and Bharat Co-operative Bank, Mumbai.
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