RBI imposes monetary penalty on M.S. Co-operative Bank Ltd., Vadodara, Gujarat

News Financial services Sanctions & Fines

Date: 18th Nov, 2024 Source: Reserve Bank of India Country: India Original Source

Brief

"On November 18, 2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on M.S. Co-operative Bank Ltd., Vadodara, Gujarat. The RBI imposed a monetary penalty of ₹1.50 lakh on the bank for non-compliance with directions on 'Interest Rate on Deposits' and 'Know Your Customer (KYC)'. This penalty was imposed due to deficiencies in regulatory compliance."

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Reserve Bank of India

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RBI imposes monetary penalty on M.S. Co-operative Bank Ltd., Vadodara, Gujarat

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RBI imposes monetary penalty on M.S. Co-operative Bank Ltd., Vadodara, Gujarat

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Reserve Bank of India

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