The Rander People’s Co-operative Bank Ltd

RBI imposed a ₹1.50 lakh penalty on The Rander People's Co-operative Bank Ltd., Surat, Gujarat. The penalty was for BR Act contraventions and non-compliance with KYC-related directions.

The bank must absorb the monetary penalty and remain exposed to any further supervisory or enforcement action RBI may choose to take. There is no stated operational ban or restriction in this release, but the bank is expected to strengthen KYC compliance, account-risk review, and timely transfer of eligible amounts to the Depositor Education and Awareness Fund.

• 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 BR Act

RBI imposed a monetary penalty of Rs 1 lakh on The Rander People’s Co-operative Bank Ltd., Surat. The penalty was for non-compliance with RBI directions on loans and advances to directors and related interests.

The bank must absorb the monetary penalty; the release does not mention any additional operational restriction or remediation deadline. The action is limited to the named co-operative bank and has no stated immediate impact on customers beyond the regulatory penalty.

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