Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 10,000 on The Urban Co-operative Bank Ltd., Rourkela, Odisha, by an order dated September 1, 2022. RBI said the bank had not complied with its directions on the Depositor Education and Awareness Fund: it failed to transfer all eligible balances to the Fund and submitted an incorrect certificate. After considering the bank's reply and additional submissions, RBI concluded that the charge of non-compliance was substantiated and warranted the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 10,000
- Entity Type
- Co-operative bank
- Location
- Rourkela, Odisha
- Order Date