Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on The Ropar Central Co-operative Bank Ltd., Ropar, Punjab by order dated December 10, 2024. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after a statutory inspection by NABARD and subsequent supervisory proceedings. RBI found that the bank contravened Section 26A read with Section 56 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
- Ropar, Punjab
- Order Date