The Rajkot Nagrik Sahakari Bank Ltd., Rajkot

RBI has imposed a monetary penalty of ₹43.30 lakh on Rajkot Nagarik Sahakari Bank Ltd., Rajkot. The action follows multiple compliance breaches involving connected lending, ineligible savings accounts, and deposit-account maintenance issues.

The bank must absorb the monetary penalty and address the underlying compliance gaps identified by RBI. The action does not by itself restrict operations, but it signals heightened supervisory scrutiny around connected lending, account-opening eligibility, and deposit-account maintenance practices.

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

RBI imposed a ₹13 lakh penalty on Rajkot Nagarik Sahakari Bank Ltd., Rajkot for non-compliance with directions on interest rate on deposits. The bank was found to have failed to pay eligible interest on certain term deposits and matured unpaid deposits.

The bank must absorb the financial penalty and ensure future compliance with RBI’s deposit-interest directions. The action does not itself restrict operations, but it underscores ongoing regulatory scrutiny over depositor interest payments.

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

RBI imposed a ₹12 lakh penalty on Rajkot Nagarik Sahakari Bank Limited, Rajkot for non-compliance with its direction on interest payment on deposits. The violation related to paying interest on current account balances of deceased individual depositors and sole proprietorship concerns.

The bank must absorb the penalty and ensure future compliance with RBI’s instructions on interest payment in such accounts. The action does not invalidate any customer transaction, but it signals heightened regulatory scrutiny over deposit-related compliance.

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

RBI imposed a ₹37 lakh monetary penalty on Rajkot Nagarik Sahakari Bank Ltd. for non-compliance with directions on fraud reporting and management of advances.

The bank must absorb the monetary penalty, but the release does not indicate a new operational restriction. The action signals regulatory deficiencies in compliance with fraud reporting and advances management requirements, with no stated direct impact on customers beyond the penalty itself.

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

RBI imposed a Rs 5 lakh penalty on Rajkot Nagrik Sahakari Bank Ltd., Rajkot. The bank was penalised for non-compliance involving unrelated activities, clean note policy lapses, and improper balance-sheet preparation.

The bank must absorb the monetary penalty; the action does not indicate a suspension or restriction on operations. The findings also put the bank on notice to correct compliance gaps in permitted activities, clean note handling, and statutory financial reporting.

• Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS)