NKGSB Co-operative Bank Ltd

RBI has imposed a ₹15 lakh penalty on NKGSB Co-operative Bank Limited, Mumbai. The bank was found to have sanctioned/granted certain loans for purchase of gold in breach of RBI directions.

The bank must absorb the monetary penalty and address the compliance weaknesses identified by RBI. The order does not itself impose an operational restriction, but RBI may initiate further action if warranted.

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

RBI has imposed a ₹50 lakh penalty on NKGSB Co-operative Bank Ltd. for KYC non-compliance. The bank permitted current-account transactions for a company without proper customer due diligence.

The bank must absorb the ₹50 lakh penalty and address the compliance gap identified by RBI. Forward-looking, it is expected to strengthen customer due diligence and KYC controls to prevent similar breaches; the action does not invalidate customer transactions but signals regulatory scrutiny over account-opening and transaction-monitoring processes.

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