On March 27, the Reserve Bank of India (RBI) said it had fined two banks for violations and non-compliance with norms.

Aligarh Zila Sahkari Bank was fined Rs 2 lakh and Delhi Nagrik Sehkari Bank Rs 3 lakh, the central bank said in two press releases.

Penalties are imposed for breaching the Banking Regulation Act 1950 and failing to comply with specific instructions relating to deposit rates.

The RBI said the move was based on deficiencies in regulatory compliance and was not intended to declare the validity of any transaction or agreement entered into by the bank with its clients.