Case Brief
By an order dated November 17, 2023, RBI imposed a monetary penalty of ₹2.00 lakh on The Patan Urban Co-operative Bank Limited, Satara, Maharashtra. RBI said the bank contravened Section 26A read with Section 56 of the Banking Regulation Act, 1949 and failed to comply with directions issued on the Depositor Education and Awareness Fund because it had not transferred eligible amounts within the prescribed period. The penalty was imposed after statutory inspection, consideration of the bank’s reply, and oral submissions at the personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Satara, Maharashtra
- Order Date