India, June 5 -- The Reserve Bank of India (RBl) has, by an order dated May 30, 2025, imposed a monetary penalty of ?2 lakh (Rupees Two Lakh only) on Ratanchand Shah Sahakari Bank Limited, Mangalwedha, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC)' and specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and...