Case Brief
By order dated November 12, 2024, RBI imposed a monetary penalty of ₹1.50 lakh on M.S. Co-operative Bank Ltd., Vadodara, Gujarat. The bank was found to have violated RBI directions on interest rate on deposits and KYC: it failed to pay applicable interest on certain unclaimed and overdue deposits and did not periodically update KYC for certain high-risk customers. The action was taken under the Banking Regulation Act, 1949, following a statutory inspection and show-cause proceedings.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date