Reserve Bank of India imposes penalties on 8 cooperative banks

A penalty of Rs 4 lakh has been imposed on The Associate Co-operative Bank Ltd, Surat (Gujarat) for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested', and non-compliance with the Master Directions on 'Know Your Customer (KYC)'.

from Banking/Finance-Industry-Economic Times https://ift.tt/3G3AGkU