Ravi Commercial Urban Co-op Bank Ltd., Nagpur - Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹60,000 on Ravi Commercial Urban Co-op Bank Ltd., Nagpur. The penalty was levied under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) for violation of RBI Operational Instructions. RBI had issued a show-cause notice, the bank replied in writing, and RBI found the violation substantiated and deserving of penalty.
RBI imposed a monetary penalty of ₹60,000 on Ravi Commercial Urban Co-op Bank Ltd., Nagpur under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) for violating RBI Operational Instructions. The bank received a show-cause notice, submitted a written reply, and RBI concluded the violation was substantiated and warranted penalty.
Severity Assessment
The action is a monetary penalty of Rs 60,000, which falls within the lowest monetary band (severity 1).
The bank must absorb the monetary penalty; the release does not describe any operational restriction, suspension, or license action. The direct impact is limited to the fine and the regulatory finding of non-compliance.
Published as Ravi Commercial Urban Co-op Bank Ltd., Nagpur
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