Thane Bharat Sahakari Bank Limited

RBI imposed a monetary penalty under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after its inspection and subsequent examination found that the bank had not complied with RBI’s directions on ‘Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’. The specific lapse noted was the absence of a direct link on the bank’s website homepage for customers to lodge complaints, including a specific option to report unauthorised electronic transactions.

The bank must absorb the monetary penalty; the release does not order a suspension or business restriction. The underlying compliance expectation remains that the bank should provide the required customer complaint/reporting mechanism on its website, especially for unauthorised electronic banking transaction grievances, to avoid further regulatory action.