Himachal Pradesh State Co-operative Bank Ltd., Shimla

RBI imposed a penalty of ₹7.5 lakh on The Himachal Pradesh State Co-operative Bank Ltd. for KYC non-compliance. The issue was failure to periodically review account risk categorisation.

The bank must absorb the monetary penalty and address the KYC control gap identified by RBI. The order does not itself impose an operational restriction, but RBI noted that further action may be initiated separately if warranted.

• Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949

RBI imposed a ₹5 lakh penalty on The Himachal Pradesh State Co-operative Bank Limited, Shimla. The penalty was for failing to transfer eligible amounts to the Depositor Education and Awareness Fund on time.

The bank must absorb the monetary penalty and continue complying with depositor-fund transfer requirements under the Banking Regulation Act. The order does not by itself invalidate customer transactions, but RBI noted that further action may still be initiated separately.

• section 26 A (2) read with section 56 of the Banking Regulation Act, 1949
• section 47A(1)(c) read with sections 46 (4)(i) and 56 of the BR Act

RBI imposed a ₹40 lakh monetary penalty on Himachal Pradesh State Co-operative Bank Ltd., Shimla. The penalty was for non-compliance with NABARD-issued directions on fraud monitoring and reporting.

The bank must absorb the financial penalty and continue complying with NABARD/RBI requirements on fraud monitoring and reporting. The order does not invalidate any customer transaction or agreement, but it signals continued regulatory scrutiny of the bank's compliance systems.

• section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949