The Baramulla Central Co-operative Bank Ltd., Jammu and Kashmir

RBI imposed a ₹5 lakh penalty on The Baramulla Central Co-operative Bank Ltd., Jammu and Kashmir. The bank was found to have accepted fresh deposits in violation of RBI directions.

The bank must bear the financial penalty and remain subject to RBI supervisory scrutiny. The release also notes that the penalty is without prejudice to any other action RBI may initiate, so additional enforcement remains possible.

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

RBI imposed a ₹2 lakh penalty on The Baramulla Central Co-operative Bank Limited, Jammu and Kashmir. The action followed breaches of the Banking Regulation Act and RBI directions, including acceptance of fresh deposits.

The bank must absorb the ₹2 lakh penalty, but the release does not indicate any new operating ban or licence restriction. The findings highlight continued compliance obligations around permissible property holdings, premises use, and RBI directions on deposit acceptance.

• Section 6 and Section 9 read with Section 56 of the Banking Regulation Act, 1949
• Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949