India, July 27 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10.10 lakh on Raigad District Central Co-operative Bank Ltd., Maharashtra, for violating provisions of the Banking Regulation Act, 1949, and RBI directions on the membership of Credit Information Companies (CICs).
The penalty follows a statutory inspection conducted by NABARD based on the bank's financial position as of March 31, 2025. RBI found that the bank had sanctioned a director-related loan and failed to report borrowers' credit information to all Credit Information Companies, resulting in regulatory non-compliance.
The central bank clarified that the penalty relates to deficiencies in statutory and regulatory compliance and does not affect the v...