The Greater Bombay Co-operative Bank Limited, Mumbai

RBI imposed a Rs 25 lakh penalty on The Greater Bombay Co-operative Bank Limited, Mumbai. The penalty was for not following RBI directions on charges for non-maintenance of minimum balance in savings accounts.

The bank must absorb the penalty and ensure its charges for non-maintenance of minimum balance comply with RBI directions going forward. The order does not itself alter customer contracts, but it signals closer regulatory scrutiny of deposit-account charge practices for affected account holders.

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

RBI imposed a ₹25 lakh penalty on The Greater Bombay Co-operative Bank Ltd., Mumbai, for non-compliance with RBI directions on fraud monitoring and reporting in UCBs.

The bank must absorb the financial penalty and address the compliance gaps identified by RBI, particularly around fraud monitoring and reporting requirements. The action does not itself state any operational restriction, but it signals continued regulatory scrutiny of the bank’s compliance framework.

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