MUMBAI, India, July 17 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated July 11, 2025, imposed a monetary penalty of ₹3.00/- lakh (Rupees Three Lakh only) on Sarvodaya Nagrik Sahakari Bank Ltd., Himatnagar, Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on 'Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) - A Graded Approach' and 'Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems'. 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)...