RBI · Enforcement
RBI imposes ₹1 lakh penalty on Shri Baria Nagarik Sahakari Bank for audit lapses
The cooperative bank failed to conduct internal audit for over two years, drawing a fine from the regulator.
What changed
- RBI penalised Shri Baria Nagarik Sahakari Bank ₹1 lakh for non-compliance with audit directions
- Bank did not conduct internal audit from April 1, 2023, to March 31, 2025
- Penalty based on supervisory findings from inspection as on March 31, 2025
The read
The Reserve Bank of India has fined Shri Baria Nagarik Sahakari Bank ₹1 lakh for failing to conduct internal audit for the period April 1, 2023, to March 31, 2025. The action stems from the statutory inspection as on March 31, 2025, which found the bank non-compliant with RBI directions on inspection and audit systems for urban co-operative banks. The penalty, imposed under the Banking Regulation Act, shows the regulator’s intolerance towards audit governance failures. This is a routine enforcement action and does not reflect on the bank's customer transactions.
Key numbers
- Penalty: ₹1 lakh
- Inspection date: March 31, 2025
- Non-compliance period: April 1, 2023 to March 31, 2025
Primary source: rbi.org.in