Case Brief
RBI imposed a monetary penalty of ₹27.50 lakh on Dhanlaxmi Bank Ltd., Thrissur, Kerala, by order dated August 23, 2021. The penalty followed RBI’s Statutory Inspection for Supervisory Evaluation and was based on contravention of section 26A(2) of the Banking Regulation Act, 1949 read with paragraph 3 of the Depositor Education and Awareness Fund Scheme, 2014. After issuing a show-cause notice and considering the bank’s reply and oral submissions, RBI concluded that the charge was substantiated and imposed the penalty under section 47A(1)(c) read with section 46(4)(i) of the Act.
Action Snapshot
- Primary Impact
- Fine: Rs 27.5 L
- Entity Type
- Bank
- Location
- Thrissur, Kerala