Reserve Bank of India (RBI) on Monday said penalties have been imposed on eight cooperative banks for deficiencies in their regulatory compliances.

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A penalty of Rs 4 lakh has been imposed on The Associate Co-operative Bank Ltd, Surat (Gujarat) for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested', and non-compliance with the Master Directions on 'Know Your Customer (KYC)'.

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RBI said a penalty of Rs 1 lakh has been imposed on The Varachha Co-operative Bank Ltd, Surat for contravention of certain norms of The Depositor Education and Awareness Fund Scheme, 2014.

Mogaveera Co-operative Bank Ltd, Mumbai has been penalised Rs 2 lakh for non-compliance with certain directions related to KYC norms.

A monetary penalty of Rs 2 lakh has been imposed on Vasai Janata Sahakari Bank, Palghar for contravention of/non-compliance with the directions issued by RBI on 'Exposure Norms and Statutory/ Other Restrictions UCBs'.

Further, RBI has imposed a penalty of Rs 1 lakh on Rajkot Peoples Co-operative Bank, Rajkot for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested'.

A penalty of Rs 2 lakh has been imposed on Bhadradri Co-operative Urban Bank for non-compliance with directions issued by RBI on 'Exposure Norms and Statutory/ Other Restrictions-UCBs' and 'Management of Advances ? UCBs'.

Penalty of 1 lakh each has been imposed on The Jammu Central Co-operative Bank Ltd, Jammu and the Jodhpur Nagrik Sahakari Bank, Jodhpur for contravention of certain norms.

RBI, however, said the penalities are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers.