Case Brief
RBI, by order dated November 24, 2023, imposed a monetary penalty of ₹1.00 lakh on Sanmitra Sahakari Bank Ltd., Pune for non-compliance with its directions on 'Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks'. Following statutory inspection and examination of the related reports and correspondence, RBI found that the bank had collected fixed penal charges for shortfall in minimum balance in savings bank accounts instead of charging proportionately to the extent of the shortfall. 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
- Pune, Maharashtra