Vadodara: The Reserve Bank of India (RBI) has imposed a penalty of Rs 4 lakh on The Shri Chhani Nagrik Sahakari Bank for not complying with the directions even after the RBI's inspection.
The RBI had issued certain directions for customer protection under KYC, limiting customer liability of co-operative banks in account of unauthorised electronic banking transactions, creating a basic cyber security framework for primary (urban) co-operative banks and creating a framework for comprehensive cyber security. Which was not followed by the bank. The RBI had conducted an inspection on the bank's financial condition on March 31. In which a show-cause notice was given as to why the bank should not be fined for not complying with the RBI's direction.
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