RBI imposes monetary penalty on Sulaimani Co-operative Bank Ltd., Vadodara, Gujarat

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2 lakh on Sulaimani Co-operative Bank Ltd., Vadodara, Gujarat for non-compliance with RBI directives on deposit placements and interest rates. The penalty follows an inspection based on the bank’s financial position as of March 31, 2023, which revealed violations of prudential norms, including exceeding inter-bank exposure limits, offering fixed deposits with incorrect tenors, and opening ineligible savings accounts.