Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Shri Baria Nagarik Sahakari Bank Ltd., Baria, Gujarat, following a statutory inspection and subsequent show-cause proceedings. RBI found that the bank had failed to conduct internal audit during April 1, 2023 to March 31, 2025, amounting to non-compliance with its directions on Inspection & Audit Systems in Primary (Urban) Co-operative Banks, and acted under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.