Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 15 lakh on Thane Bharat Sahakari Bank Limited, Thane, Maharashtra, for non-compliance with its directions on limiting customers’ liability in unauthorised electronic banking transactions. RBI found that the bank did not provide a direct link on its website homepage for customers to lodge complaints with a specific option to report unauthorised electronic transactions. The penalty was imposed under the Banking Regulation Act, 1949 after inspection, notice, reply, and hearing.