Case Brief
The Reserve Bank of India imposed a monetary penalty on The Ahmedabad Mercantile Co-operative Bank Ltd., Ahmedabad by order dated June 28, 2021. The penalty was levied under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after RBI’s statutory inspection found non-compliance with directions contained in the Master Directions on ‘Interest Rate on Deposits’. RBI had issued a show-cause notice, reviewed the bank’s reply and submissions, and concluded that the charges were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 62.5 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date