Case Brief
The Reserve Bank of India ordered a monetary penalty of ₹5.00 lakh on Kaithal Central Co-operative Bank Ltd., Haryana. The penalty was imposed 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 a show-cause process. RBI found that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, contrary to Section 26A read with Section 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Kaithal, Haryana
- Order Date