Case Brief
By an order dated October 01, 2024, RBI imposed a monetary penalty of ₹2.50 lakh on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra, Uttar Pradesh. The action followed RBI's statutory inspection as of March 31, 2023 and was based on a sustained charge that the bank failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, constituting contravention of section 26A read with section 56 of the Banking Regulation Act, 1949. RBI stated that the penalty was imposed after considering the bank's reply, oral submissions, and additional submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- Sonbhadra, Uttar Pradesh