RBI IMPOSES FINE OF Rs. 9 LAKH ON THREE COOPERATIVE BANKS

The Reserve Bank of India has imposed penalties of Rs. 9 lakh on three cooperative banks for violation of regulations and guidelines relating to anti-money laundering. Two of the banks, Ankola Urban Co-operative Bank and Kushtagi Pattana Sahakara Bank Niyanit, are based in Karnataka, while Salal Sarvoday Nagrik Sahakari Bank is a Gujarat based lender. The apex bank has imposed a penalty of  Rs. 2 lakh on Ankola Urban Co-operative Bank for violation provisions relating to the Banking Regulation Act, 1949. The Kushtagi Pattana Sahakara Bank Niyanit has been told to pay a penalty of  Rs. 5 lakh for similar violations.