RBI imposes monetary penalty on Shri Shiveshwar Nagari Sahakari Bank Limited, Basmatnagar, Hingoli, Maharashtra

Case Brief

By an order dated October 21, 2024, RBI imposed a monetary penalty on Shri Shiveshwar Nagari Sahakari Bank Limited, Basmatnagar, Hingoli, Maharashtra under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The action followed a statutory inspection and supervisory findings that the bank contravened section 26A read with section 56 of the BR Act by not transferring eligible unclaimed deposit amounts to the Depositor Education and Awareness Fund within the prescribed period. RBI stated that the penalty was imposed after considering the bank's reply and oral submissions, and clarified that the action does not pronounce on the validity of customer transactions or agreements.