SVC Co-operative Bank Ltd., Mumbai

RBI imposed a monetary penalty of ₹13.30 lakh on SVC Co-operative Bank Ltd., Mumbai, for non-compliance with deposit account maintenance directions. The issue related to charging annual maintenance fees on ATM cards in Basic Savings Bank Deposit Accounts.

The bank must absorb the monetary penalty and ensure future compliance with RBI's deposit-account maintenance directions. The action does not revoke the validity of customer transactions, but it signals regulatory scrutiny over account-charging practices affecting depositors, especially Basic Savings Bank Deposit Account holders.

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

RBI imposed a monetary penalty of Rs 37.50 lakh on SVC Co-operative Bank Ltd., Mumbai. The penalty was for non-compliance with RBI directions on interest rates on deposits and fraud monitoring/reporting.

The bank must absorb the penalty and ensure future compliance with RBI directions on deposit interest practices and fraud monitoring/reporting. The order does not invalidate customer transactions, but it signals heightened compliance expectations for the bank.

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