Sanmitra Sahakari Bank Ltd., Pune

RBI imposed a ₹1 lakh monetary penalty on Sanmitra Sahakari Bank Ltd., Pune for non-compliance with directions on maintenance of deposit accounts. The bank had charged fixed penal charges for minimum-balance shortfalls instead of proportionate charges.

The bank must absorb the monetary penalty and continue complying with RBI’s deposit-account maintenance directions. No business restriction is imposed, but the finding signals continued regulatory scrutiny over how the bank charges customers for minimum-balance shortfalls.

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

RBI imposed a Rs 1 lakh penalty on Sanmitra Sahakari Bank Ltd., Pune for opening a new branch without prior permission. The bank had responded to a show-cause notice before RBI finalized the penalty.

The bank must absorb the penalty and comply with RBI's branch-opening approval requirements going forward. The action has no stated effect on depositors or customers beyond reinforcing regulatory compliance obligations.

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