MUMBAI, India, June 18 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated June 16, 2026, imposed a monetary penalty of ₹10,000/- (Rupees Ten Thousand only) on Navapur Mercantile Co-operative Bank Ltd., Nandurbar, Maharashtra (the bank) for contravention of provisions of Section 35(2) read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2025. Based on supervisory findings of contravent...