Case Brief
What Happened
RBI imposed a monetary penalty of ₹15 lakh on Bharat Co-operative Bank (Mumbai) Limited by order dated February 6, 2026. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a statutory inspection and supervisory findings of non-compliance with RBI directions on 'Interest Rate on Deposits'. RBI found that the bank did not pay interest on certain eligible term deposits that were withdrawn prematurely.