The Reserve Bank of India (RBI) has imposed penalties on five co-operative banks amounting to a total of Rs 60.3 lakh for violation of various regulatory norms.

Rajkot Nagarik Sahakari Bank has been fined Rs 43.30 lakh by the RBI for non-compliance on 'ban on loans and advances to directors and their relatives, and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts in the names of certain bodies/organisations' and 'maintenance of deposit accounts'.

The RBI has imposed a penalty of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow) and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand).

Besides, a penalty of Rs 2 has been imposed on the District Co-operative Bank (Dehradun).

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