Case Brief
By an order dated June 28, 2021, RBI imposed a monetary penalty of Rs 25 lakh on Saraswat Co-operative Bank Ltd., Mumbai under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The bank was found, based on a statutory inspection and examination of related correspondence, to have failed to comply with RBI's Master Directions on 'Interest Rate on Deposits' and Master Circular on 'Maintenance of Deposit Accounts'. After issuing a show-cause notice and considering the bank's reply and submissions, RBI concluded that the contraventions were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 25.0 L
- Entity Type
- Co-operative bank
- Location
- Mumbai