Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Shri Ganesh Sahakari Bank Limited, Nashik, Maharashtra, by order dated April 03, 2025. The penalty was imposed after RBI found contraventions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 and non-compliance with RBI directions on KYC. The bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, and had also failed to periodically update customer KYC and review risk categorisation of all accounts at least once in six months.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra