Case Brief
RBI, by order dated February 22, 2024, imposed a monetary penalty of ₹5.00 lakh on Solapur District Central Co-operative Bank Limited, Solapur, Maharashtra. The penalty was imposed for contravention of section 26A read with section 56 of the Banking Regulation Act, 1949 and RBI directions on the Depositor Education and Awareness Fund, after NABARD’s inspection found that the bank had not transferred the eligible amount to the DEA Fund. RBI said the action was based on regulatory non-compliance and did not pronounce on the validity of any transaction or agreement entered into by the bank with its customers.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Solapur, Maharashtra