RBI imposes penalty on eight Co-operative banks

Current Context: Reserve Bank of India (RBI) imposes penalties on eight co-operative banks for non-compliance with various norms.

• Fine of Rs 40 lakh has been imposed on Mehsana Urban Co-operative bank, Gujarat for non-compliance with certain provisions of Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016.
• The penalty of Rs 7 lakh has been imposed on Indapur Urban Co-operative Bank, Indapur (Maharashtra) for non-compliance with certain provisions of exposure norms.
• The penalty was imposed on Warud Urban Co-operative bank, Warud ( Maharashtra), Jila Sahakari Kendriya Bank Mariyadit, Chhindwara (Madhya Pradesh), and Yavatmal Urban Co-operative bank, Maharashtra for non-compliance with Know-Your-Customer (KYC)norms.
• Rajya Sahakari Bank Maryadit, Raipur, Chhattisgarh has been penalized with Rs 25 lakh for non-compliance with certain provisions of KYC norms.
• RBI has also penalized Garha Co-operative Bank Limited, Guna (Madhya Pradesh), and Goa State Co-operative bank, Panaji.
• Static Knowledge:
• RBI governor - Shaktikanta Das
• RBI headquarters - Mumbai
• RBI was formed - on 1 April 1935

Question:

Q.1 RBI has imposed how much penalty on Mehsana Urban Co-operative bank, Gujarat?
a. Rs 60 lakh
b. Rs 50 lakh
c. Rs 40 lakh
d. Rs 30 lakh