Mumbai, Apr 24 (PTI) The Reserve Bank has imposed penalties totalling Rs 44 lakh on four cooperative banks, including a Rs 16 lakh penalty on Chennai-based The Tamil Nadu State Apex Co-operative Bank, for contravention of various norms.

A penalty of Rs 13 lakh has been imposed on Bombay Mercantile Co-operative Bank as it failed to transfer eligible amount to Depositor Education and Awareness Fund (DEAF) within the prescribed period and transferred the same with delay, RBI said in a release on Monday.

Also Read | Satya Pal Malik Arrested? Delhi Police Issue Clarification After Reports Claim Former Jammu and Kashmir Governor Being Detained; Say ‘He Came to Police Station on His Own’.

In a separate release, the central bank said a penalty of Rs 13 crore has been imposed on Janata Sahakari Bank, Pune for non-compliance with directions on 'Interest Rate on Deposits'.

Penalty has been imposed on The Tamil Nadu State Apex Co-operative Bank as it failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period. It also failed to report a fraud to NABARD within the prescribed timeline and reported the same with delay.

Also Read | Reliance Jio Posts 15.6% Growth in Net Profit to Rs 4,984 Crore in Q4 of FY 2022-23.

A monetary penalty of Rs 2 lakh has been imposed on Baran Nagrik Sahkari Bank, Baran, Rajasthan for contravention of certain norms.

The penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, the RBI said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)