Progressive Co-operative Bank Ltd., Mumbai

RBI imposed a penalty of ₹1 lakh on Progressive Co-operative Bank Limited, Mumbai for non-compliance with exposure norms and investment-related directions for UCBs.

The bank must absorb the penalty and remain compliant with RBI exposure and investment norms going forward. There is no indication of a broader operational restriction, but the finding signals continuing regulatory scrutiny over its inter-bank exposures and investment practices.

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

RBI imposed a ₹4 lakh penalty on Progressive Co-operative Bank Ltd., Mumbai. The penalty was for breaches related to lending to nominal members, financing an NBFC, and KYC norms.

The bank must absorb the monetary penalty of ₹4 lakh; the release does not mention any additional operational restriction, suspension, or license action. The action is backward-looking in nature, with no explicit forward-looking cap or ban stated in the release.

• Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)