Case Brief
RBI has imposed a monetary penalty of ₹2.00 lakh on The Fatehabad Central Cooperative Bank Limited, Fatehabad, following supervisory findings from a NABARD inspection. The bank was found to have contravened section 26A(2) read with section 56 of the Banking Regulation Act, 1949 by not transferring eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time limit. RBI issued a show-cause notice, considered the bank’s reply and oral submissions, and then passed the penalty order on March 31, 2024.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Fatehabad, Haryana
- Order Date