Navsarjan Industrial Co-operative Bank Ltd

RBI imposed a monetary penalty of Rs 7 lakh on Navsarjan Industrial Co-operative Bank Ltd., Ankleshwar, Gujarat. The action was for non-compliance with deposit-placement, KYC, and statutory provisions under the Banking Regulation Act.

The bank must absorb the Rs 7 lakh penalty and address the compliance gaps identified by RBI. The action does not, by itself, impose a business restriction, but it signals ongoing supervisory concern over exposure limits, KYC review processes, and required transfers to the Depositor Education and Awareness Fund.

• Section 26A (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 Banking Regulation Act, 1949

RBI imposed a Rs 1 lakh penalty on Navsarjan Industrial Co-operative Bank Ltd., Ankleshwar. The action was for non-compliance with AML guidelines.

The bank must absorb the financial penalty and any compliance remediation implied by the AML lapse. The action does not indicate a broader operational restriction, but it signals regulatory scrutiny over the bank's AML controls and compliance processes.

• Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS)