Ahmedabad: The Reserve Bank of India (RBI), vide order April 15, 2025, has cancelled the licence of “Colour Merchants Co-operative Bank Ltd., Ahmedabad. Consequently, the bank ceases to carry on banking business with effect from the close of business on April 16, 2025. The Registrar of Cooperative Societies, Gujarat, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as i. The bank does...Read More

Vadodara: The Reserve Bank of India (RBI) on Monday announced that, by an order dated February 19, 2025, it has imposed a monetary penalty of ₹25,000 on Mahila Sahakari Bank Ltd. in Vadodara for non-compliance with certain directions issued by the RBI on ‘Know Your Customer (KYC)’. The statutory inspection of the bank was conducted by RBI with reference to its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related cor...Read More

Vadodara: The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh on Sulaimani Co-operative Bank Ltd., Vadodara, for non-compliance with certain directions issued by it. The bank had failed to adhere to the prudential interbank (gross) exposure limit, offered fixed deposits for a minimum tenor, which was not as per the prescribed tenor, and opened certain savings deposit accounts in the name of ineligible entities. The statutory inspection of the bank was conducted b...Read More

New Delhi: The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) on Friday reduced the repo rate, the interest rate at which the RBI lends to banks, by 25 basis points, bringing it down to 6.25%. This marks the first rate cut by the central bank in five years, with the previous reduction occurring in May 2020. The Monetary Policy Committee (MPC) held its 53rd meeting from February 5 to 7, 2025 under the chairmanship of Sanjay Malhotra, Governor, Reserve Bank of India. T...Read More

New Delhi: The Reserve Bank of India, also known as the Bankers' Bank, imposed a monetary penalty on three Gujarat-based cooperative banks for non-compliance with regulatory guidelines. In the first case, the RBI, by an order dated January 27, 2025, imposed a monetary penalty of ₹2.10 lakh on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certa...Read More

Mumbai: The Reserve Bank of India (RBI) has recently imposed monetary penalties of Rs 7 lakhs on two cooperative banks in Gujarat for non-compliance with regulatory guidelines. In the first case, by an order dated January 24, 2025, the RBI imposed a monetary penalty of ₹1.50 lakh on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana for non-compliance with directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. The bank ha...Read More

Surat: The Reserve Bank of India (RBI) has, by an order dated December 26, 2024, imposed a monetary penalty of ₹4.00 lakh on The Prime Co-operative Bank Ltd. in Surat for non-compliance with directions issued by RBI on 'Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorized Electronic Banking Transactions' and 'Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs)', read with 'Comprehensive Cyber Security Framework for Primary (Urban) ...Read More

Mumbai: The Reserve Bank of India (RBI), often referred to as the bankers’ bank, announced on Monday that it has imposed monetary penalties on three cooperative banks in Gujarat for non-compliance with regulatory guidelines. In the first case, as per an order dated December 13, 2024, the apex bank imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Tarapur Co-operative Urban Bank Ltd., Dist. Anand, Gujarat, for non-compliance with certain directions issued by the RBI on ‘...Read More

Mumbai: The Reserve Bank of India (RBI), often referred to as the bankers' bank, announced on Monday that it has imposed monetary penalties on two cooperative banks in Gujarat for non-compliance with regulatory guidelines. In the first case, by an order dated December 4, 2024, the RBI imposed a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on Apani Sahkari Bank Ltd., Ahmedabad, Gujarat. The bank failed to transfer eligible unclaimed amounts to the Depositor Educatio...Read More

Mumbai: The Reserve Bank of India (RBI) on Thursday announced that it has imposed monetary penalties on several cooperative banks in Gujarat for non-compliance with regulatory guidelines. The Amod Nagric Co-operative Bank Ltd. in Amod, Bharuch district; The Karjan Nagarik Sahakari Bank Limited in Karjan, Vadodara district; and The Rajula Nagrik Sahakari Bank Ltd. in Rajula, Amreli district were each fined for failing to adhere to prescribed norms. Additionally, The Vijay Commercial Co-operative ...Read More