Saraswat Co-operative Bank Limited, Mumbai

RBI imposed a ₹23 lakh penalty on Saraswat Co-operative Bank Limited, Mumbai. The penalty was for violating lending-related provisions and RBI directions concerning loans to directors and connected interests.

The bank must absorb the monetary penalty and continue complying with RBI’s connected-lending and conflict-of-interest restrictions. The action does not itself impose a new operational ban, but it signals heightened regulatory scrutiny of the bank’s lending governance and related-party controls.

• Section 20(1)(b)(iii) read with Section 56 of the Banking Regulation Act, 1949
• Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the BR Act

RBI imposed a monetary penalty of Rs 25 lakh on Saraswat Co-operative Bank Ltd., Mumbai. The penalty was for non-compliance with RBI directions on interest rates on deposits and maintenance of deposit accounts.

The bank must absorb the monetary penalty; the release does not impose an operational restriction or suspension. The action serves as a regulatory sanction for past non-compliance, with no stated direct restriction on current customer transactions or services.

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

RBI imposed a Rs 30 lakh monetary penalty on Saraswat Co-operative Bank Ltd. for non-compliance with IRAC norms. The action followed a statutory inspection and subsequent show-cause proceedings.

The bank must bear the monetary penalty and address the compliance deficiencies identified by RBI, particularly around IRAC norm adherence. The action does not pronounce on customer transaction validity, but it signals increased regulatory scrutiny of the bank’s regulatory compliance.

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