India, July 24 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 lakh on Shri Baria Nagarik Sahakari Bank Ltd., Baria, Gujarat, for non-compliance with regulatory guidelines related to inspection and audit systems in primary urban co-operative banks.
The penalty, imposed through an order dated July 17, 2026, follows RBI's statutory inspection of the bank based on its financial position as of March 31, 2025.
The central bank found that the bank failed to conduct internal audits for the period from April 1, 2023, to March 31, 2025, in violation of RBI's prescribed norms. After reviewing the inspection findings, the bank's reply, and oral submissions made during the personal hearing, the RBI concluded that the violati...