Recorded RBI impact
Fine: Rs 60,000
Monetary penalty · Fresh imposition
Published by RBI
26 Dec 2018
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.
Why RBI Acted
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.
Operating Impact
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.
Regulatory Basis
- Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)
Action Facts
- Primary Impact
- Fine: Rs 60,000
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank