India, June 19 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10,000 on Navapur Mercantile Co-operative Bank Ltd. for violating provisions of the Banking Regulation Act, 1949.
The penalty follows an RBI inspection conducted with reference to the bank's financial position as of March 31, 2025. Based on supervisory findings, the regulator issued a show-cause notice to the bank seeking an explanation for the non-compliance.
After reviewing the bank's response and submissions during the personal hearing, RBI found that the bank had failed to provide the required information sought by the inspecting officer during the inspection process. The regulator considered this a contravention of statutory provisions, warranting ...