The Reserve Bank of India (RBI) has imposed penalties on eight cooperative banks, including a fine of Rs 40 lakh on the Mehsana Urban Co-operative Bank, Gujarat, for non-compliance with various norms. 

Penalty has been imposed on Mehsana Urban Co-operative Bank for non-compliance with certain provisions of the RBI (Co-operative Banks - Interest Rate on Deposits) Directions, 2016.

RBI has slapped a penalty of Rs 7 lakh on Indapur Urban Cooperative Bank, Indapur (Maharashtra) for contravention of certain provisions related to exposure norms.

Three banks -- Warud Urban Co-operative Bank, Warud (Maharashtra), Jila Sahakari Kendriya Bank Maryadit, Chhindwara (Madhya Pradesh) and the Yavatmal Urban Co-operative Bank, Yavatmal (Maharashtra) -- have been fined for non-compliance with Know Your Customer (KYC) norms.

A penalty of Rs 25 lakh has been imposed on Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur (Chhattisgarh) for non-compliance with certain KYC provisions.

Garha Co-operative Bank Limited, Guna (Madhya Pradesh) and the Goa State Co-operative Bank, Panaji are the two other banks on which penalty has been imposed.

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