The Reserve Bank has imposed a penalty of up to Rs 1 lakh each on two Gujarat-based cooperative sector lenders — Dahod Urban Co-operative Bank Limited and Pragati Sahakari Bank Limited — for violation of its guidelines.
In case of Dagod Urban Co-operative Bank, the RBI has imposed the fine for giving donations beyond the permissible limit. It was also found violating the Know Your Customer (KYC) and Anti-Money Laundering guidelines.
In case of the Pragati Sahakari Bank Limited, the RBI imposed the fine on the cooperative bank for violation of cash transactions reporting norms.
