Reserve Bank of India imposes monetary penalty on Nashik Zilla Girna Sahakari Bank Ltd., Nashik
Case Brief
The Reserve Bank of India imposed a monetary penalty on Nashik Jillha Girna Sahakari Bank Ltd., Nashik by order dated September 23, 2020. RBI found that the bank had contravened Section 15 of the Credit Information Companies (Regulation) Act, 2005, including non-compliance relating to obtaining membership of a credit information company. The action was taken under Section 25(1)(iii) read with Section 23(4) of the CIC Act after a show-cause process.
RBI imposed a monetary penalty for contravention of Section 15 of the Credit Information Companies (Regulation) Act, 2005. The inspection for the bank's financial position as on March 31, 2019 found non-compliance with the CIC Act regarding obtaining membership of a credit information company. After issuing a show-cause notice and considering the bank's reply and additional submissions, RBI concluded the charge was substantiated and warranted penalty under Section 25(1)(iii) read with Section 23(4) of the CIC Act.
Severity Assessment
The action is a monetary penalty of only ₹2,000, which falls within the lowest monetary severity band.
The bank must bear the penalty and ensure future compliance with the Credit Information Companies (Regulation) Act, 2005, including membership-related requirements. There is no indication of any operational restriction on customers, but the finding may affect supervisory scrutiny and compliance expectations going forward.
Published as Nashik Jillha Girna Sahakari Bank Ltd., Nashik
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