The Reserve Bank of India (RBI) has imposed monetary penalties on two urban cooperative banks of Gujarat this week. The violations related to advances and KYC (know your customer) norms, according to an RBI release. In the first instance, RBI imposed a penalty of Rs 2 lakh on Rajkot Commercial Co-operative Bank Ltd for violation of instructions regarding grant of unsecured advances in excess of prescribed ceiling. In the second case, the apex bank imposed a penalty of Rs 1 lakh on the Becharaji Nagarik Sahakari Bank Limited based at Becharaji in Mehsana district for violation of RBI instructions relating to know your customer (KYC) norms and anti-money laundering guidelines.
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