Nashik Jilha Girna Sahakari Bank Ltd., Nashik, Maharashtra

RBI imposed a ₹2,000 penalty on Nashik Jillha Girna Sahakari Bank Ltd., Nashik. The penalty was for non-compliance with the Credit Information Companies (Regulation) Act, 2005.

The bank must bear the penalty and ensure future compliance with the Credit Information Companies (Regulation) Act, 2005, including membership-related requirements. There is no indication of any operational restriction on customers, but the finding may affect supervisory scrutiny and compliance expectations going forward.

• Section 15 of the Credit Information Companies (Regulation) Act, 2005
• Section 25 (1) (iii) read with Section 23 (4) of the Credit Information Companies (Regulation) Act, 2005

RBI issued restrictive directions to Nashik Jilha Girna Sahakari Bank Ltd., Nashik, Maharashtra. The bank’s lending, deposit-taking, payments, and asset-disposal activities were curtailed, with cash withdrawals capped at ₹1,000 per depositor account.

The bank must operate under strict RBI-imposed conditions and cannot expand credit, raise fresh deposits, or freely dispose of assets without prior approval. Depositors face a withdrawal cap of ₹1,000 per account subject to conditions, while borrowers and counterparties may experience delayed or blocked transactions. RBI may modify the directions depending on circumstances.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949