The monetary penalty imposed by RBI on five co-operative banks

Current Context: The Reserve Bank of India (RBI) imposed monetary penalties on the five cooperative banks on 14th December 2023 due to deficiencies in regulatory compliance.

• The banks penalized are:
• Indapur Urban Cooperative Bank
• Janakalyan Sahakari Bank
• Patan Urban Cooperative Bank
• Pune Merchants Cooperative Bank
• Pune Municipal Corp Servant’s Cooperative Urban Bank
• The RBI stated that these penalties were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Question:

Q.1 Which authority imposed monetary penalties on five cooperative banks due to deficiencies in regulatory compliance?
a. Securities and Exchange Board of India (SEBI)
b. Ministry of Finance, India
c. Reserve Bank of India (RBI)
d. Insurance Regulatory and Development Authority of India (IRDAI)