Vasai Vikas Sahakari Bank Ltd., Vasai

RBI imposed a ₹20 lakh penalty on Vasai Vikas Sahakari Bank Ltd., Vasai. The bank was penalized for delayed reporting of frauds in breach of RBI directions.

The bank must bear the financial penalty and continue complying with RBI’s fraud monitoring and reporting requirements. The action does not by itself invalidate any customer transaction, but it signals heightened regulatory scrutiny over the bank’s internal reporting controls and compliance processes.

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

RBI imposed a ₹90 lakh penalty on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra for regulatory non-compliance. The bank breached RBI directions on advances and asset classification, and related statutory requirements.

The bank must absorb the monetary penalty and address the compliance gaps identified by RBI, especially in lending administration, asset classification, and statutory financial statement sign-off. No customer-facing operational restriction is described in this release, but the findings may affect ongoing supervisory scrutiny.

• section 31 read with section 56 of the Banking Regulation Act, 1949
• section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Act
• section 29 read with section 56 of the Act