Case Brief
RBI, by order dated November 23, 2023, imposed a penalty of Rs 1.00 lakh on Pune Municipal Corporation Servant’s Co-operative Urban Bank Limited, Pune, Maharashtra. The bank was found to have failed to conduct the annual review of inoperative/dormant accounts, contrary to RBI directions on maintenance of deposit accounts for primary (urban) co-operative banks, after a statutory inspection and subsequent notice/show-cause process.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date