The Reserve Bank of India (RBI) recently announced that it has imposed monetary penalties on four cooperative banks for violating banking regulations. 

According to the RBI’s official release, the banks facing penalties are The District Cooperative Central Bank, Chandrapur District Central Cooperative Bank, Sree Harihareshwara Urban Cooperative Bank, and The Vaishali District Central Cooperative Bank.

Specifically, the Chandrapur District Central Cooperative Bank has been fined Rs 2.50 lakh, while The Vaishali District Central Cooperative Bank faces a penalty of Rs 1 lakh. 

The District Cooperative Central Bank and Sree Harihareshwara Urban Cooperative Bank have also been fined Rs 50,000 each.

The penalties were imposed for various infractions. For instance, the Vaishali District Central Cooperative Bank was penalised for implementing a system for periodic review of account risk categorisation. 

The District Cooperative Central Bank faced penalties for delayed reporting of fraud to NABARD.

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