Case Brief
By an order dated May 04, 2026, RBI imposed a monetary penalty of ₹5 lakh on Himachal Pradesh Gramin Bank, Mandi. The penalty was imposed after a statutory inspection by NABARD and a show-cause process, on findings that the bank had contravened Section 26A read with Section 51(1) of the Banking Regulation Act, 1949 and had not complied with RBI directions on interest rate on deposits. The sustained charges were the bank's failure to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time and failure to pay interest on certain term deposits from the date of maturity till the date of repayment.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Bank
- Location
- Mandi, Himachal Pradesh