File Photo Mumbai: Taking strict action, the Reserve Bank of India (RBI) has imposed a heavy penalty on the state-owned Central Bank of India. RBI has imposed a penalty of Rs 84.50 lakh on Central Bank of India. RBI has imposed this penalty on the bank for non-compliance of certain provisions. Violation of norms A Reserve Bank of India (RBI) release said that the penalty has been imposed on the Central Bank of India for non-compliance of transaction related norms. However, this decision will not have any adverse effect on the consumers. The services provided by the bank to the customers will continue as before. ALSO READ: Penalty on Canara Bank also for non-adherence to certain guidelines laid down in the Reserve Bank of India (Fraud Classification and Reporting by Commercial Banks and Selected Financial Institutions) Directions, 2016 dated May 25 and ‘Master Circular’ by RBI Central Bank of India India has been fined. RBI has taken this action after examining the bank’s risk assessment report and inspection report. The RBI observed that the instructions given by the Central Bank of India were not followed. Last week, RBI also imposed a penalty of Rs 2 crore on Canara Bank. At the same time, in the last 24 hours, RBI has imposed fine on four cooperative banks including one government. RBI has imposed a total penalty of Rs 44 lakh on the cooperative bank. Chennai-based Tamil Nadu State Co-operative Bank has been fined Rs 16 lakh. Apart from this, the Bombay Mercantile Cooperative Bank, Pune-based Janata Sahakari Bank and Bara Nagrik Sahakari Bank of Bara in Rajasthan have also been fined.