Case Brief
RBI imposed a monetary penalty of ₹1 lakh on Shree Warana Sahakari Bank Ltd., Kolhapur, Maharashtra, by order dated August 22, 2023. The penalty was levied for non-compliance with RBI directions on maintenance of deposit accounts for primary urban co-operative banks, after inspection found that the bank was charging a fixed penalty for shortfall in minimum balance in savings bank accounts rather than a penalty proportionate to the extent of shortfall.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Kolhapur, Maharashtra
- Order Date