Zoroastrian Co-operative Bank Ltd., Bombay

RBI imposed a monetary penalty of ₹43.30 lakh on Zoroastrian Co-operative Bank Ltd., Mumbai. The bank was found non-compliant with directions on deposit account maintenance, interest on deposits, and fraud reporting.

The bank must absorb the monetary penalty and is expected to strengthen compliance around deposit account practices, interest payment processes, and prompt fraud reporting. The order does not state a direct operational restriction, but it signals supervisory findings that may require tighter internal controls and customer-facing compliance improvements.

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

RBI imposed a ₹1.25 crore penalty on Zoroastrian Co-operative Bank Ltd., Bombay. The bank was found non-compliant with RBI directions on LC-based bill discounting and record-preservation rules.

The bank must absorb the monetary penalty and address the compliance failures identified by RBI, particularly around LC-related bill discounting controls and record preservation. The action does not itself restrict ongoing banking operations or invalidate customer transactions, but it signals supervisory scrutiny over similar future conduct.

• section 45Y read with section 56 of Banking Regulation Act, 1949
• section 47A(1)(c) read with sections 46(4)(i) and 56 of BR Act