MUMBAI, India, Aug. 14 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBl) has, by an order dated August 08, 2025, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Shree Bharat Co-operative Bank Ltd., Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on 'Inspection & Audit Systems in Primary (Urban) Co- operative Banks', 'Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs', and 'Know Your Customer (KYC)'. 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 Banking Regulation Act, 1949.
The...