Smriti Nagrik Sahakari Bank Maryadit, Mandsaur (Madhya Pradesh)

RBI imposed a Rs 2.5 lakh penalty on Smriti Nagrik Sahakari Bank Maryadit, Mandsaur, Madhya Pradesh. The action was for non-compliance with cyber security and KYC directions.

The bank must absorb the monetary penalty and address the compliance gaps identified by RBI, particularly in cyber security controls and KYC periodic updation. The action does not itself impose a business restriction, but it signals supervisory non-compliance and may be followed by further regulatory action if deficiencies persist.

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

RBI imposed a ₹4 lakh penalty on Smriti Nagrik Sahakari Bank Maryadit, Mandsaur for non-compliance with exposure norms and KYC directions. The bank had sanctioned excess loans and had gaps in KYC, risk review, and suspicious transaction monitoring.

The bank must absorb the penalty and address the compliance deficiencies identified by RBI, especially around lending limits, KYC upkeep, customer risk review, and suspicious transaction monitoring. The action does not itself impose a new operational restriction, but it signals heightened supervisory scrutiny over the bank’s compliance controls.

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