Case Brief
By an order dated January 19, 2024, RBI imposed a monetary penalty of Rs 50,000 on Janata Sahakari Bank Limited, Amravati for contravention of section 26A read with section 56 of the Banking Regulation Act, 1949. The action followed RBI's statutory inspection as on March 31, 2022, which found that the bank had not transferred the eligible amount to the Depositor Education and Awareness Fund within the due date. RBI issued a show-cause notice, considered the bank's reply and oral submissions, and then concluded that the non-compliance was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Amravati, Maharashtra
- Order Date