News > RBI imposes Rs 6 lakh penalty on the Mandi Cooperative Bank: Here's why

RBI imposes Rs 6 lakh penalty on the Mandi Cooperative Bank: Here's why

RBI imposed a fine on Himachal Pradesh's The Mandi Cooperative Bank for non-compliance with provisions of 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)'. RBI also imposed a penalty of Rs 1 lakh on West Bengal's The Howrah District Central Co-operative Bank for failing to undertake a periodic update of KYC and failing to put in place a system of risk categorisation of accounts.