Case Brief
The RBI, by order dated July 11, 2025, imposed a monetary penalty of ₹3 lakh on Sarvodaya Nagrik Sahakari Bank Ltd., Himatnagar, Dist. Sabarkantha, Gujarat. The action followed a statutory inspection of the bank with reference to its financial position as on March 31, 2024, and subsequent supervisory findings of non-compliance with RBI directions. RBI sustained charges that the bank failed to conduct vulnerability assessment and penetration testing of its internet-facing mobile application as required, and failed to provide compensation for certain failed IMPS and UPI transactions that were not auto-reversed within the prescribed timeline. The penalty was levied under the Banking Regulation Act, 1949 and the Payment and Settlement Systems Act, 2007.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location