MUMBAI, India, March 17 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated March 12, 2025, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Baramulla Central Co-operative Bank Ltd., Jammu and Kashmir (the bank) for non-compliance with specific directions issued by RBI prohibiting acceptance of fresh deposits. 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 conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as o...