India, July 4 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 4 lakh on Shree Chhani Nagarik Sahakari Bank Limited, located in Vadodara, Gujarat, for non-compliance with multiple RBI directives related to Know Your Customer (KYC) norms, customer protection in unauthorised electronic banking transactions, and cyber security frameworks for Urban Co-operative Banks (UCBs).
The penalty, dated June 30, 2025, has been levied under Section 47A(1)(c), read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The action follows a statutory inspection conducted by the RBI, based on the bank's financial position as of March 31, 2024. Upon review of supervisory findings and subsequent correspondence, the RBI issu...