The Reserve Bank of India took strict action on many co-operative banks during the financial year 2023. Apart from canceling the license of 8 banks during the financial year 2023, the Reserve Bank also imposed heavy fines on 114 banks. Co-operative banks have played a major role in providing bank facilities to rural and urban areas of the country. However, at present these banks are facing financial problems. Apart from this, there are many other problems associated with these banks. At the same time, RBI is taking action against the banks which do not follow the rules.
Among the eight banks on which the Reserve Bank has taken action in the financial year 2023, Mudhol Cooperative Bank, Mithal Cooperative Bank, Shri Anand Cooperative Bank, Rupee Cooperative Bank, Deccan Cooperative Bank, Laxmi Cooperative Bank, Seva Vikas Cooperative Bank and Babaji Date Mahila Urban Banks included.