Bangalore: The Reserve Bank of India has imposed a penalty of Rs. 5 lakh on City Cooperative Bank, Shimoga, for violation of provisions under the Banking Regulation Act and the directives of the RBI. The RBI in a statement here on Sunday said during the inspection of the records of the bank, it has been observed that the bank had extended credit facility to the relatives of a director after September 30, 2003 in spite of a ban. — Special Correspondent

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