Case Brief
By order dated January 27, 2025, RBI imposed a monetary penalty of ₹2.10 lakh on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat. The action followed a statutory inspection with reference to the bank’s financial position as on March 31, 2023, and was based on sustained charges relating to contravention of Section 26A read with Section 56 of the Banking Regulation Act, 1949 and non-compliance with RBI directions on investments by primary (urban) co-operative banks, KYC, and CIC membership/reporting requirements. RBI found that the bank failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, breached the ceiling on total investments held under the HTM category, failed to upload customer KYC records to CKYCR within the prescribed time, and failed to submit borrowers’ credit information to three CICs.
Action Snapshot
- Primary Impact
- Fine: Rs 2.10 L
- Entity Type
- Co-operative bank
- Location