The Reserve Bank of India has imposed monetary penalties on Poornawadi Nagarik Sahakari Bank, Ratanchand Shah Sahakari Bank, and Adilabad District Cooperative Bank.
By an order dated June 3, 2025, the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1 lakh on Poornawadi Nagarik Sahakari Bank Maryadit, Beed, Maharashtra, for non-compliance with certain RBI directions related to ‘Management of Advances – UCBs’ and ‘Know Your Customer (KYC)’.
Similarly, by an order dated May 30, 2025, RBI imposed a monetary penalty of Rs 2 lakh on Ratanchand Shah Sahakari Bank Limited, Mangalwedha, Maharashtra, for non-compliance with RBI’s directions on ‘Know Your Customer (KYC)’ and specific directives issued under the Supervisory Action Framework (SAF).
Furthermore, by an order dated June 4, 2025, RBI imposed a monetary penalty of Rs 1 lakh (Rupees One Lakh only) on the Adilabad District Co-operative Central Bank Ltd., Telangana, for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
This penalty was imposed under the powers conferred on RBI by Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
