Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on The Co-operative Bank of Rajkot Ltd., Rajkot (Gujarat), by order dated October 13, 2022. RBI found that the bank had contravened section 26A(2) of the Banking Regulation Act, 1949 read with the Depositor Education and Awareness Fund Scheme, 2014, because it had not transferred balances in certain accounts remaining unclaimed for more than ten years to the Fund. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Act after inspection, notice, reply, and oral hearing.