Case Brief
By an order dated September 26, 2022, RBI imposed a monetary penalty of Rs 28.00 lakh on Rajarambapu Sahakari Bank Ltd., Peth, Sangli. The bank was found non-compliant with RBI directions relating to customer protection for unauthorised electronic banking transactions and interest rate on deposits. RBI's inspection noted deficiencies in the bank's website complaint-link arrangement and in payment of applicable interest on balances in current accounts of deceased individual depositors/sole proprietorship concerns. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 28.0 L
- Entity Type
- Co-operative bank
- Location
- Peth, Sangli