These banks include Saraswat Co-Operative Bank, the leading cooperative bank of Maharashtra state, SVC Co-Operative Bank and Ahmedabad Mercantile Co-Operative Bank. ) are also included.
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RBI has imposed a penalty of 62 lakh 50 thousand on Ahmedabad Mercantile Co-Operative Bank. Apart from this, a penalty of Rs 25 lakh has been imposed on Saraswat Co-operative Bank of Mumbai and Rs 37 lakh 50 thousand on SVC Co-operative Bank.
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According to the news published in Maharashtra Times, it had come to the notice of RBI that Mahesh Co-operative Urban Bank violated fixed deposit and KYC rules. Penalty has been imposed on Ahmedabad Mercantile Co-Operative Bank for manipulation of interest rate on FD. Apart from this, the Reserve Bank of India has taken action against SVC Co-operative Bank for violating the rules regarding the interest rate on FD and giving wrong instructions and reports.