Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹45.00 lakh on Dombivli Nagari Sahakari Bank Ltd., Dombivli for non-compliance with RBI directions on fraud monitoring and reporting, and maintenance of deposit accounts. RBI said its inspection found delayed reporting of fraud cases and levy of penal charges on savings bank accounts for non-maintenance of minimum balances without prior customer notice and the required one-month restoration period. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank’s reply and submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 45.0 L
- Entity Type
- Co-operative bank
- Location
- Dombivli, Maharashtra