RBI imposes monetary penalty on The Gujarat Rajya Karmachari Co-operative Bank Ltd., Ahmedabad, Gujarat

The Reserve Bank of India (RBI) has imposed a ₹7.50 lakh penalty on The Gujarat Rajya Karmachari Co-operative Bank Ltd. for non-compliance with RBI directions on financial statements, deposit placements, and interest rates, and for contravening sections of the Banking Regulation Act, 1949. The penalty follows an RBI inspection on March 31, 2023, which revealed the bank's failure to disclose penalties, provide necessary documents, adhere to inter-bank exposure limits, and pay interest on matured term deposits. This penalty addresses regulatory compliance deficiencies without affecting the validity of transactions or agreements with customers.