Rajarambapu Sahakari Bank Ltd. Peth, Sangli

RBI imposed a monetary penalty after a statutory inspection found that the bank had not provided a direct link on its website home page for customers to lodge complaints, including a specific option to report unauthorised electronic banking transactions, and had not paid applicable interest on balance amounts lying in current accounts of deceased individual depositors/sole proprietorship concerns when making repayments to claimants. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank's reply and oral submissions.

The bank must absorb the monetary penalty and address the compliance gaps identified by RBI. The action does not itself impose an operational restriction, but it signals supervisory findings that may affect ongoing compliance expectations for the bank and its customer-facing complaint and deposit-interest practices.