Case Brief
The Reserve Bank of India imposed a monetary penalty on The Panchkula Central Co-operative Bank Ltd., Haryana by order dated November 29, 2024. The penalty was imposed after a NABARD inspection and a show-cause process, and RBI held that the bank had contravened Section 26A read with Section 56 of the Banking Regulation Act, 1949 by failing 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
- Panchkula, Haryana
- Order Date