Case Brief
By an order dated January 21, 2025, RBI imposed a monetary penalty of ₹8.30 lakh on Dombivli Nagari Sahakari Bank Limited. The penalty followed a statutory inspection with reference to the bank’s financial position as on March 31, 2023, and was based on supervisory findings of non-compliance with RBI directions on maintenance of deposit accounts for Primary (Urban) Co-operative Banks. RBI held that the bank had levied penal charges for non-maintenance of minimum balance in certain inoperative accounts. The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 83,000
- Entity Type
- Co-operative bank
- Location
- Dombivli, Maharashtra