Case Brief
RBI imposed a monetary penalty of Rs 3.00 lakh on The Hindusthan Co-operative Bank Ltd., Mumbai, Maharashtra by order dated April 25, 2025. The penalty was imposed after a statutory inspection found non-compliance with RBI directions on Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks. RBI noted that the bank levied penal charges for non-maintenance of minimum balance in savings bank accounts without informing customers by SMS, email, letter, or other means. The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra