MUMBAI, India, March 27 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated March 25, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Kerala Mercantile Co-operative Bank Ltd., Kozhikode, Kerala (the bank) for non-compliance with specific directions issued by RBI under 'Supervisory Action Framework (SAF)'. 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 Banking Regulation Act, 1949.
A scrutiny of the Statutory Auditor's Report of the bank for the financial year 2023-24 revealed, inter alia, non-compliance with supervisory directions issu...