RBI imposes penalty on co-op bank in Surat

The Reserve Bank of India has imposed a penalty of Rs 5 lakh on Prime Co-operative Bank Ltd, Surat, for violating the central bank's guidelines.

These guidelines were regarding issuance of demand draft/pay order, an RBI statement here said. Penalty was imposed under the Banking Regulation Act, 1949, it said, after considering the bank's reply to a show-cause notice.