Banking regulator, Reserve Bank of India has fined Pune based Cosmos Cooperative Bank with Rs 5 lakhs. The fine has been imposed on the bank under charges of violation of instructions/guidelines directed by the apex bank.

As per RBI, the bank had violated the directive by the apex bank by granting loans to directors of the bank, their relatives or firms of interest of the directors and their kins.

The bank has also not made appropriate disclosure of the outstanding loan amount in the names of these directors and their relatives and kins in 'note on accounts' entry in balance sheet.

"None of the 43 loans sanctioned in violation of directives were reflected in the OSS data submitted to Reserve Bank of India," the statement by RBI read.