RBI imposes monetary penalty on The Nashik Jilha Mahila Sahakari Bank Ltd, Nashik, Maharashtra

Case Brief

By an order dated July 12, 2024, RBI imposed a monetary penalty of Rs 50,000 on The Nashik Jilha Mahila Sahakari Bank Ltd, Nashik, Maharashtra. The penalty was imposed after statutory inspection and supervisory findings showed that the bank had failed to transfer the eligible amount to the Depositor Education and Awareness Fund within the prescribed time period, amounting to contravention of section 26A(2) read with section 56 of the Banking Regulation Act, 1949. RBI considered the bank's reply and oral submissions before finalizing the penalty under section 47A(1)(c) read with section 46(4)(i) and section 56 of the BR Act.