Case Brief
RBI, by order dated August 22, 2023, imposed a monetary penalty of Rs 2.00 lakh on The Baramati Sahakari Bank Ltd., Baramati, Pune, Maharashtra. The penalty was imposed for non-compliance with RBI’s directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks.’ In the statutory inspection and related review for the bank’s financial position as on March 31, 2022, RBI found that the bank had not credited interest to inoperative savings bank accounts. After issuing a show-cause notice and considering the bank’s reply, additional submissions, and oral submissions at personal hearing, RBI concluded that the charge was substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Baramati, Maharashtra