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The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹37 lakh on the Rajkot Nagarik Sahakari Bank Ltd for non-compliance with directions issued by it on ‘Frauds – Classification and Reporting’ and ‘Management of Advances’, as per its statement. The RBI, in a separate statement, said it has imposed monetary penalty of ₹14 lakh on Mumbai-based Apna Sahakari Bank Ltd for non-compliance with directions issued by it on Income Recognition and Asset Classification (IRAC) norms.
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