Case Brief
By an order dated July 31, 2025, RBI imposed a monetary penalty on The Chanasma Nagrik Sahakari Bank Limited, Chanasma, Dist. Patan, Gujarat. The action was taken after supervisory findings and a show-cause process, and RBI concluded that the bank had not complied with directions on customer protection in unauthorised electronic banking transactions, specifically failing to provide 24x7 reporting channels and SMS reply-based objection reporting for customers. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Chanasma, Gujarat