Shri Vinayak Sahakari Bank Ltd

RBI imposed a ₹5 lakh penalty on Shri Vinayak Sahakari Bank Ltd., Ahmedabad. The penalty was for violations of SAF-related instructions and KYC/AML norms.

The bank must absorb the monetary penalty; the release does not impose any new operational restriction or license action. The forward-looking impact is limited to the financial cost and the compliance signal to the bank, while customers are not directly restricted by this order.

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

RBI imposed a Rs. 5 lakh penalty on Shri Vinayak Sahakari Bank Ltd., Ahmedabad. The action was for multiple compliance lapses, including record destruction, non-production of books, and failure to file STRs.

The bank must absorb the monetary penalty; the release does not describe a separate operational restriction or cancellation. The findings also signal compliance expectations around recordkeeping, inspection readiness, and STR reporting going forward.

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

RBI imposed a penalty of Rs 5 lakh on Shri Vinayak Sahakari Bank Ltd., Ahmedabad. The penalty was for breaches involving unsecured advances, KYC/AML compliance, cash balance shortages, benami accounts, and board conduct instructions.

The bank must bear a financial penalty of Rs 5 lakh; the release does not indicate any additional operational restriction, suspension, or cancellation. The consequences are limited to the monetary sanction and the compliance signal to the bank and its governance/controls framework.

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