The Reserve Bank of India (RBI) has imposed monetary penalties on three cooperative banks for regulatory and statutory compliance deficiencies identified during inspections conducted with reference to their financial position as on March 31, 2025.
Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, has been fined Rs 10,000 for failing to upload customers’ Know Your Customer (KYC) records to the Central KYC Records Registry (CKYCR) within the prescribed timeline.
The N.E. & E.C. Railway Employees’ Multi-State Primary Co-operative Bank Ltd., Gorakhpur, has been penalised Rs 1.05 lakh for failing to transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund (DEAF) on time and for not obtaining membership of two Credit Information Companies (CICs) while also failing to submit borrowers’ credit information to all four CICs.
Nirmal Urban Co-operative Bank Ltd., Nagpur, has been fined Rs 1 lakh for violating RBI’s Supervisory Action Framework (SAF) directions by exceeding the reduced single borrower exposure limit in certain cases and offering deposit interest rates higher than those offered by the State Bank of India.
RBI clarified that the penalties relate solely to deficiencies in regulatory compliance and do not affect the validity of customer transactions or agreements. It added that the penalties are without prejudice to any further supervisory action.
