Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Shree Warana Sahakari Bank Limited, Warananagar, Maharashtra, by an order dated May 05, 2025. The penalty was imposed after a statutory inspection (with reference to the bank’s financial position as on March 31, 2024) and a show-cause notice process. RBI found that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, constituting a contravention of Section 26A read with Section 56 of the Banking Regulation Act, 1949. The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Warananagar, Maharashtra