Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh

Based on an inspection as on March 31, 2020, RBI found that the bank had not adhered to the prudential inter-bank (Gross) exposure limit, had not complied with the prudential inter-bank counterparty limit, and had no system in place to identify suspicious transactions. RBI concluded that these deficiencies amounted to contravention/non-compliance with its directions on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC), and imposed a monetary penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.

The bank must absorb the monetary penalty and address the regulatory deficiencies identified by RBI. The action does not itself impose a new operating restriction, but it signals required improvements in exposure-limit monitoring and KYC/suspicious-transaction controls going forward.