Shree Laxmi Co-operative Bank Ltd., Pune

Following a statutory inspection with reference to the bank's financial position as on March 31, 2025, RBI found that Shree Laxmi Co-operative Bank Ltd., Pune had not complied with certain RBI directions on Know Your Customer (KYC), Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks, and Inoperative Accounts / Unclaimed Deposits in Banks – Revised Instructions. The sustained charges included failure to review risk categorisation of accounts at least once every six months, failure to upload KYC records to CKYCR within the prescribed timeline, levying penal charges for non-maintenance of minimum balance without notifying customers, and not conducting annual review of accounts with no customer-induced transactions for more than a year. RBI imposed the penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The bank must absorb the monetary penalty and continue to ensure compliance with RBI's KYC and deposit-account instructions. The action does not itself restrict operations, but it underscores ongoing supervisory scrutiny and the possibility of further RBI action if deficiencies persist. Customers are affected insofar as the cited lapses involved account maintenance, KYC records, and charges levied without notice.