Case Brief
By an order dated November 29, 2024, RBI imposed a monetary penalty of ₹5.00 lakh on The Patiala Central Co-operative Bank Ltd., Patiala, Punjab. The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after NABARD’s statutory inspection and RBI’s supervisory review. RBI sustained the charge that the bank failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Patiala, Punjab
- Order Date