Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Rahimatpur Sahakari Bank Ltd., Rahimatpur, Dist. Satara, by order dated September 14, 2023. The action was taken for non-compliance with RBI directions on maintenance of deposit accounts for primary (urban) co-operative banks, after inspection revealed that the bank had not conducted the annual review of inoperative accounts. RBI stated that the penalty was imposed 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Rahimatpur, Maharashtra
- Order Date