Case Brief
The Reserve Bank of India imposed a monetary penalty on The Kendrapara Urban Co-operative Bank Ltd., Kendrapara, Odisha by order dated November 10, 2022. RBI found that the bank had failed to transfer all eligible balances to the Depositor Education and Awareness Fund and had submitted an incorrect certificate regarding compliance with the directions. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after considering the bank's reply and additional submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Kendrapara, Odisha
- Order Date