The Reserve Bank of India (RBI) has penalised four co-operative banks amounting to a total of Rs 44 lakh, including a fine of Rs 16 lakh 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.

In a separate release, RBI said a penalty of Rs 13 lakh 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.

A monetary penalty of Rs 2 lakh has been imposed on Baran Nagrik Sahkari Bank 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.