The Reserve Bank of India (RBI) has cancelled the licence granted to The Botad Peoples Co-operative Bank Ltd., Botad, Gujarat and allowed it to function as a non-banking institution.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said.
Mumbai (Maharashtra) [India], Oct 29 (ANI): The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Janata Sahakari Bank Ltd, Pune and of Rs 25 lakh on Jalgaon Peoples Co-operative Bank Ltd.