The Reserve Bank has imposed penalties on several financial entities, including LIC Housing Finance, for violation of various norms.

The heaviest penalty of Rs 1.76 crore was on Vakrangee Ltd, which was fined for non-compliance with some provisions of the White Label ATM (WLA) directions.

 The RBI imposed a Rs 30 lakh penalty on the Jammu and Kashmir State Co-operative Bank. Among others, Mumbai-based Pratap Co-operative Ltd was fined Rs 6 lakh while LIC Housing Finance and Mysore Merchants Co-operative Bank were slapped a penalty of Rs 5 lakh each for violation of certain regulations.

 The Nagar Sahakari Bank, Maharajganj, Uttar Pradesh was levied a fine of Rs 4 lakh while Karnataka-based The City Co-operative Bank Ltd and Uttar Pradesh-based Banda Urban Co-operative Bank Ltd were penalised with fines of Rs 2 lakh each.

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