The N.E. & E.C. Railway Employees’ Multi-State Primary Co-operative Bank Ltd, Gorakhpur

RBI imposed a monetary penalty of ₹1.05 lakh on The N.E. & E.C. Railway Employees’ Multi-State Primary Co-operative Bank Ltd, Gorakhpur. The penalty was for non-compliance with statutory provisions and RBI directions relating to unclaimed deposits and CIC membership/reporting.

The bank must absorb the monetary penalty and continue to comply with RBI’s statutory and supervisory requirements, especially around unclaimed deposit transfers and CIC membership/credit reporting. The order does not invalidate customer transactions, but it signals continuing supervisory risk and possible further regulatory action if deficiencies persist.

• Section 26A read with Section 56 of the Banking Regulation Act, 1949
• Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
• Section 25 read with Section 23 of the Credit Information Companies (Regulation) Act, 2005

RBI imposed a ₹20 lakh penalty on The N.E. & E.C. Railway Employees’ Multi-State Primary Co-operative Bank Limited, Gorakhpur. The action was for non-adherence to specific RBI directions issued under the Supervisory Action Framework.

The bank must absorb the penalty and address the compliance shortcomings that led to the breach of RBI directions. The action does not by itself invalidate any customer transaction or agreement, but it signals regulatory non-compliance and may affect supervisory scrutiny going forward.

• section 36 (1) read with section 56 of the Banking Regulation Act, 1949
• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949