Case Brief
By an order dated June 05, 2023, RBI imposed a monetary penalty of ₹2.00 lakh on Telangana State Cooperative Apex Bank Limited, Hyderabad. The action followed a statutory inspection by NABARD that found the bank failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, amounting to contravention of section 26A(2) read with section 56 of the Banking Regulation Act, 1949. RBI issued a show-cause notice, considered the bank's reply and oral submissions, and then confirmed the penalty under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Hyderabad, Telangana