Case Brief
By an order dated November 22, 2023, RBI imposed a monetary penalty of Rs 1 lakh on Pune Merchants Co-operative Bank Limited, Pune, Maharashtra. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after RBI found during statutory inspection that the bank had not conducted the annual review of inoperative/dormant accounts, contrary to RBI directions on Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date