Case Brief
The Reserve Bank of India imposed a penalty of Rs 1.25 lakh on Bhilai Nagarik Sahakari Bank Maryadit, Bhilai (Chhattisgarh) for contravention of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014. RBI said the bank had not transferred eligible unclaimed deposits to the Depositor Education and Awareness Fund within the due date, based on findings from an inspection covering the bank's financial position as on March 31, 2020. After considering the bank's replies, RBI concluded that the non-compliance was substantiated and warranted monetary penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.25 L
- Entity Type
- Co-operative bank
- Location
- Bhilai, Chhattisgarh