Case Brief
RBI, by an order dated March 27, 2025, imposed a monetary penalty of ₹1 lakh on The Santrampur Urban Co-operative Bank Ltd., Santrampur, Mahisagar District, Gujarat. The action followed a statutory inspection and subsequent show-cause proceedings, in which RBI found the bank had not complied with certain directions on interest rate on deposits and KYC. The sustained charges included failure to pay applicable interest on the maturity amount of unpaid matured term deposits and failure to periodically review the risk categorisation of certain accounts at least once every six months.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Santrampur, Gujarat