Case Brief
RBI, by order dated December 28, 2022, imposed a monetary penalty of ₹1.00 lakh on Col. R.D.Nikam Sainik Sahakari Bank Ltd., Satara. The bank was found to have failed to transfer balances in certain accounts unclaimed for more than ten years to the Depositor Education and Awareness Fund, amounting to contravention of Section 26-A read with Section 56 of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014. RBI issued a show-cause notice, considered the bank's written reply, and then concluded that the charge of non-compliance with RBI directions was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Satara, Maharashtra