RBI fines three cooperative banks for non-compliance

The Reserve Bank of India (RBI) has fined three co-operative banks for non-compliance with certain guidelines. Nasik Merchant's Co-operative Bank was fined ₹50 lakh as it continued to accept fresh deposits in existing accounts of other non-scheduled urban co-operative banks. Maharashtra State Co-operative Bank was fined ₹37.5 lakh and The National Central Cooperative Bank in Bihar ₹2 lakh.