Case Brief
RBI imposed a monetary penalty of ₹2.00 lakh on Mogaveera Co-operative Bank Ltd., Mumbai for contravention of supervisory directions issued to the bank. The regulator said the bank had continued capital expenditure beyond the permitted limit without prior approval and had not completed KYC updation of customers as required by risk categorisation. RBI stated that the penalty was imposed under the Banking Regulation Act, 1949 after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai
- Order Date