Lokmangal Co-operative Bank Limited, Solapur

RBI imposed a ₹5 lakh penalty on Lokmangal Co-operative Bank Limited, Solapur for KYC non-compliance. The bank failed to periodically review account risk categories and update KYC accordingly.

The bank must absorb the penalty and address the identified KYC control gaps going forward. There is no stated restriction on operations, but the bank remains exposed to further supervisory or enforcement action if similar non-compliance continues.

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

RBI imposed a ₹3 lakh penalty on Lokmangal Co-operative Bank Ltd., Solapur for violating exposure norms applicable to urban co-operative banks. The bank had sanctioned loans to nominal members beyond the prescribed limit.

The bank must absorb the monetary penalty, but the release does not announce any additional operating restriction. The finding signals supervisory non-compliance, while the underlying transactions themselves are not being pronounced invalid by RBI.

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