Case Brief
The Reserve Bank of India imposed a monetary penalty on Makarpura Industrial Estate Co-operative Bank Ltd., Vadodara, Gujarat by order dated September 22, 2025. The action followed supervisory findings from a statutory inspection and related proceedings, which concluded that the bank had breached certain RBI directions on KYC and cyber security for primary urban cooperative banks. RBI specifically found failures to periodically review risk categorisation of certain accounts and to implement certain cyber security control measures. 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 2.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat