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RBI imposes monetary penalty on This Bank

RBI 

RBI 

imposed a monetary penalty of ₹25.00 lakh  

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RBI 

on G S Mahanagar Co-operative Bank Limited 

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RBI 

bank had levied penal charges for non-maintenance of minimum balance in savings bank accounts without notice  

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RBI 

customers and without providing one month time for restoration of the minimum balance in the accounts 

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RBI 

RBI SAYS - a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the RBI directions 

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