Case Brief
What Happened
RBI, by order dated September 22, 2022, imposed a monetary penalty of Rs 10,000 on The Urban Co-operative Bank Ltd., Cuttack, Odisha. The penalty was imposed for contravention/non-compliance with RBI directions relating to the Depositor Education and Awareness Fund. RBI found that the bank had failed to transfer all eligible balances to the Fund and had submitted an incorrect certificate, and it concluded that the charge was substantiated after considering the bank's reply and submissions.