RBI penalises five Gujarat-based cooperative banks
The Reserve Bank of India has imposed penalties on five Gujarat-based cooperative banks for non-compliance with its regulations. The penalties range from Rs 50,000 to Rs 5 lakh, with the most severe being a Rs 5 lakh penalty on the Vadodara-based Shree Bharat Co-operative Bank for non-compliance with its 2016 norms on interest rate on deposits.
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