Case Brief
By an order dated July 26, 2024, RBI imposed a monetary penalty of ₹1.00 lakh on Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra. The penalty was levied for contravention of section 26A read with section 56 of the Banking Regulation Act, 1949, after RBI's statutory inspection and supervisory review found that the bank had failed to transfer the eligible amount to the Depositor Education and Awareness Fund within the prescribed period. RBI stated that the action was taken under section 47A(1)(c) read with section 46(4)(i) and section 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Hingoli, Maharashtra