Case Brief
What Happened
By an order dated October 19, 2023, RBI imposed a monetary penalty of ₹13.30 lakh on SVC Co-operative Bank Ltd., Mumbai, Maharashtra. The penalty was imposed for non-compliance with RBI directions on 'Maintenance of Deposit Accounts'. RBI's inspection, with reference to the bank's financial position as on March 31, 2021, found that the bank had levied annual maintenance charges for ATM cards in Basic Savings Bank Deposit Accounts. After issuing a show-cause notice and considering the bank's reply and oral submissions, RBI concluded that the violation was substantiated and imposed the penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.