MUMBAI, India, July 28 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBl) has, by an order dated July 23, 2025, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Smriti Nagrik Sahakari Bank Maryadit, Mandsaur (Madhya Pradesh) (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 '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 statutory inspection of the bank was conducte...