Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹60,000 on Ravi Commercial Urban Co-op Bank Ltd., Nagpur. The penalty was levied under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) for violation of RBI Operational Instructions. RBI had issued a show-cause notice, the bank replied in writing, and RBI found the violation substantiated and deserving of penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 60,000
- Entity Type
- Co-operative bank
- Location
- Nagpur, Maharashtra
- Order Date