monetary penalty on mogaveera

RBI has vide its circular dated 21st June, 2021 levied a penalty of Rs.1.2 million on Mogaveera Co-operative Bank Limited for violation of provisions of section 26a and 56 of the banking regulation act, 1949 and also for non compliance of the provisions of directions issued by RBI on maintenance of deposit accounts and KYC provisions.

As usual RBI is very shy in giving more details of the non compliance for the general public to know.

Section 26A of BR act pertains to establishment of depositor education and awareness fund and it is not clear what provisions of section 56 has been violated.

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