Nutan Nagarik Sahakari Bank Ltd., Ahmedabad

RBI imposed a ₹26 lakh penalty on Nutan Nagarik Sahakari Bank Ltd., Ahmedabad for breaching RBI directions on deposit interest and ATM-cum-Debit card issuance. The action followed findings from a statutory inspection.

The bank must absorb the penalty and address the compliance lapses identified by RBI. The order does not invalidate customer transactions, but it reinforces the need to follow RBI directions on deposit interest and card issuance going forward.

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

RBI imposed a ₹90 lakh penalty on Nutan Nagarik Sahakari Bank Ltd., Ahmedabad. The action was for non-compliance with directions on deposits, KYC, and fraud reporting.

The bank must absorb the monetary penalty and address the compliance gaps identified by RBI. The action does not invalidate customer transactions, but it signals regulatory deficiencies in interest-rate compliance, KYC processes, and fraud monitoring/reporting that the bank should correct going forward.

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