Case Brief
By an order dated January 07, 2025, RBI imposed a monetary penalty of Rs 1 crore on Bank of India. The penalty was imposed for non-compliance with Section 26A of the Banking Regulation Act, 1949, read with the Depositor Education and Awareness Fund Scheme, 2014, after RBI’s Statutory Inspection for Supervisory Evaluation found that the bank had not transferred eligible amounts to the Fund within the prescribed period.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date