The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad

RBI imposed a monetary penalty of ₹3 lakh on Progressive Mercantile Co-operative Bank Limited, Ahmedabad. The bank was found non-compliant with RBI directions on audit systems, KYC, and customer protection for unauthorized electronic banking transactions.

The bank must absorb the ₹3 lakh penalty, and the adverse finding remains on record as a compliance enforcement action. RBI also noted that the penalty is without prejudice to any other action that may be initiated, so further supervisory or enforcement steps remain possible.

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

RBI imposed a Rs 7 lakh penalty on Progressive Mercantile Co-operative Bank Ltd., Ahmedabad for non-compliance with directions on placement of deposits with other banks by UCBs. The bank breached prudential inter-bank exposure limits.

The bank must absorb the financial penalty and ensure future compliance with RBI's inter-bank placement and exposure-limit directions. There is no stated restriction on operations or customer transactions beyond the penalty itself.

• section 47A(1)(c)
• sections 46(4)(i)
• section 56 of the Banking Regulation Act, 1949

RBI imposed a monetary penalty of Rs 1 lakh on The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad. The action was for violation of KYC/AML instructions.

The bank must absorb the monetary penalty; the release does not indicate any broader operational restriction. The forward-looking impact is limited to the financial penalty and compliance signal regarding KYC/AML controls.

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