India, Aug. 18 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 lakh on The Uma Co-operative Bank Ltd., Vadodara, Gujarat, for non-compliance with regulatory directions on Inspection and Audit Systems in Primary (Urban) Co-operative Banks. The penalty was imposed through an order dated August 8, 2025, under provisions of the Banking Regulation Act, 1949 [Section 47A(1)(c) read with Sections 46(4)(i) and 56].
The action follows a statutory inspection of the bank with reference to its financial position as on March 31, 2024. RBI found that the bank had failed to conduct internal audits during the period April 1, 2022 to March 31, 2024.
A show-cause notice was issued, and after reviewing the bank's written and oral s...