Nagpur Nagarik Sahakari Bank Ltd., Nagpur

RBI imposed a Rs 28.30 lakh penalty on Nagpur Nagarik Sahakari Bank Ltd., Nagpur for non-compliance with directions on interest on deposits and KYC. The bank was found to have missed required interest payments and failed to periodically review customer risk categories.

The bank must absorb the monetary penalty and continue to comply with RBI’s deposit-interest and KYC requirements going forward. The release does not impose a business restriction, but it signals continued supervisory scrutiny and possible further action if similar deficiencies persist. Depositors and customers are affected to the extent the bank must correct interest-payment and KYC monitoring processes.

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

RBI imposed a monetary penalty of ₹18.50 lakh on Nagpur Nagarik Sahakari Bank Ltd., Nagpur for non-compliance with its directions on placement of deposits with other banks. The bank had accepted fixed deposits from other Urban Co-operative Banks despite being ineligible.

The bank must absorb the monetary penalty and remain compliant with RBI directions governing deposits placed with or accepted from other banks. The action is backward-looking for the violation identified, but it reinforces ongoing compliance expectations for the bank’s treasury/deposit activities.

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