Case Brief
By an order dated October 21, 2024, RBI imposed a monetary penalty on Sahyog Urban Co-operative Bank Ltd., Udgir, Maharashtra, following supervisory findings from a statutory inspection with reference to its financial position as on March 31, 2023. RBI concluded that the bank contravened section 26A read with section 56 of the Banking Regulation Act, 1949 by not transferring the eligible amount to the Depositor Education and Awareness Fund within the prescribed time. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Udgir, Maharashtra
- Order Date