Case Brief
RBI imposed a monetary penalty of ₹50,000 on The Mansa Nagarik Sahakari Bank Ltd., Dist. Gandhinagar, Gujarat, after finding non-compliance with RBI directions on ‘Interest Rate on Deposits’. The bank had failed to pay applicable interest on certain term deposits that remained unclaimed after maturity, from the date of maturity till repayment. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a statutory inspection and show-cause process.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Mansa, Gujarat
- Order Date