Case Brief
RBI imposed a monetary penalty on Suvarnayug Sahakari Bank Limited., Pune by order dated April 27, 2023. The penalty was levied after inspection findings showed non-compliance with RBI directions on Maintenance of Deposit Accounts, specifically collecting fixed penal charges for shortfall in minimum balance in savings bank accounts and failing to provide the required notice about penal charges if the minimum balance was not restored within a month. The action was taken under the Banking Regulation Act, 1949 after RBI issued a show-cause notice and considered the bank's reply.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra