Adding to the line of penalties being levied on cooperative banks in the last few months, banking and monetary regulator, Reserve Bank of India has put a fine on Bhabhar Vibhag Nagrik Sahakari Bank Ltd (BVNSBL) in Gujarat.

So far 11 co-op banks of Gujarat have been fined by RBI. The bank has been imposed a penalty of Rs 1 lakh for not reporting transactions worth Rs 10 lakh as directed in RBI guidelines.

"The RBI has imposed a penalty of Rs 1 lakh on the Bhabhar Vibhag Nagrik Sahakari Bank Limited, of district Banaskantha," an official statement said.