India, Sept. 11 -- The Reserve Bank of India (RBI), by an order dated September 08, 2025, has imposed a monetary penalty of Rs 3 lakh (Rupees Three Lakh only) on Progressive Mercantile Co-operative Bank Limited, Dist. Ahmedabad, Gujarat, for non-compliance with RBI directions on 'Inspection & Audit Systems in Primary (Urban) Co-operative Banks', 'Know Your Customer', and 'Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorized Electronic Banking Transactions'. The penalty has been imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
RBI had conducted a statutory inspection of the bank with reference to its financial position as on March 31, 2024. B...