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Penalties of up to Rs 5 lakh has been imposed by the Reserve Bank of India on four cooperative banks for violation of various norms.
RBI has said that a monetary penalty of Rs 5 lakh has been imposed by it on The Cooperative City Bank, Guwahati, for flouting KYC norms and non-adherence to requirements relating to identification and reporting of suspicious transactions.
On Indapur Urban Cooperative Bank, Indapur, District Pune, a penalty of Rs 2 lakh has been imposed for violations of norms related to KYC/anti-money laundering and credit exposure norms on loans.
