Case Brief
By an order dated September 26, 2024, RBI imposed a penalty of ₹50,000 on Jaihind Urban Co-operative Bank Limited, Pune, after a statutory inspection found non-compliance with RBI directions on 'Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks'. RBI said the sustained charge was the bank's failure to conduct the annual review of accounts that had no operations for more than one year. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date