Excellent Co-operative Bank Ltd., Mumbai

RBI imposed a monetary penalty of ₹1 lakh on Excellent Co-operative Bank Ltd., Mumbai. The action followed inspection findings that the bank failed to transfer the eligible amount to the Depositor Education and Awareness Fund.

The bank must absorb the monetary penalty and address the compliance lapse identified by RBI. The order does not itself restrict day-to-day banking operations, but RBI noted that the penalty is without prejudice to any other action it may initiate in the future.

• section 26A read with section 56 of the Banking Regulation Act, 1949
• section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act

RBI imposed a ₹4 lakh penalty on Excellent Co-operative Bank Ltd., Mumbai. The action was for lapses in KYC compliance and maintenance of deposit accounts.

The bank must absorb the financial penalty; the order does not impose a new operational ban or licensing restriction. The underlying compliance lapses relate to customer KYC and deposit-account maintenance, which RBI expects the bank to correct going forward.

• Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949