Case Brief
By an order dated September 28, 2023, RBI imposed a monetary penalty of ₹4.50 lakh on The Kalyan Janata Sahakari Bank Limited, Kalyan, Maharashtra. The penalty was imposed after RBI’s inspection found that the bank had opened savings bank accounts of ineligible institutions and levied charges for non-maintenance of minimum balances in SB accounts without informing customers. RBI held that the bank had violated its directions on ‘Interest Rates on Deposits’ and ‘Maintenance of Deposit Accounts’ and acted under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 4.50 L
- Entity Type
- Co-operative bank
- Location
- Kalyan, Maharashtra