Case Brief
RBI imposed a penalty on Osmanabad Janata Sahakari Bank Ltd. for failing to transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund. The order was issued on February 14, 2023 under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after RBI found the violation substantiated following a notice, the bank’s reply, and a personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Osmanabad, Maharashtra
- Order Date