MUMBAI, India, Aug. 7 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBl) has, by an order dated July 31, 2025, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on The Chanasma Nagrik Sahakari Bank Limited, Chanasma, Dist. Patan, Gujarat (the bank) for non-compliance with certain directions issued by RBI on 'Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions'. 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 RBI with referen...