Mogaveera Co-operative Bank Ltd., Mumbai

RBI placed Mogaveera Co-operative Bank Ltd., Bombay under operating restrictions under Section 35A read with Section 56. The bank faces limits on lending, deposits, liabilities, payments, and asset disposal, with depositor withdrawals capped at ₹1 lakh.

The bank can continue limited operations only within RBI’s restrictions, with major business activities curtailed and depositor access capped at ₹1 lakh per account (subject to conditions). Borrowers, depositors, and counterparties are directly affected, and the bank must operate under the stated conditions until the directions are reviewed or modified by RBI.

• Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI imposed a Rs 20,000 penalty on Mogaveera Co-operative Bank Ltd., Mumbai for non-compliance with capital adequacy directions. The bank had refunded share capital multiple times despite its CRAR being below the regulatory minimum.

The bank must absorb the monetary penalty and address the underlying capital adequacy compliance lapse. The order does not describe a business restriction, but RBI retains the ability to initiate further action if warranted.

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

RBI has imposed a ₹2 lakh penalty on Mogaveera Co-operative Bank Ltd., Mumbai. The action was for non-compliance with SAF directions and KYC directions.

The bank must absorb the penalty and continue complying with RBI supervisory and KYC requirements. The order does not announce a new operating restriction, but it reinforces that further non-compliance with capital expenditure limits and KYC obligations can attract regulatory action.

• section 36 (1)
• section 35 A read with section 56 of the Banking Regulation Act, 1949
• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Act

RBI imposed a ₹12 lakh penalty on Mogaveera Co-operative Bank Limited, Mumbai. The action was for violations of deposit-account maintenance and KYC directions.

The bank must absorb the financial penalty and address the compliance gaps identified by RBI, including unclaimed-deposit transfers, review of inoperative accounts, periodic risk-categorization review, and UCIC reconciliation. The action does not itself invalidate customer transactions, but it signals heightened compliance expectations going forward.

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