Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹12 lakh on Mogaveera Co-operative Bank Limited, Mumbai, by order dated June 21, 2021. The penalty was imposed for contravention of section 26-A read with section 56 of the Banking Regulation Act and for failure to comply with RBI directions on Maintenance of Deposit Accounts and Know Your Customer (KYC) Directions, based on inspection findings as of March 31, 2019.
Action Snapshot
- Primary Impact
- Fine: Rs 12.0 L
- Entity Type
- Co-operative bank
- Location
- Mumbai
- Order Date