RBI imposes monetary penalty on Osmanabad Janata Sahakari Bank Ltd., Osmanabad (Maharashtra)
Case Brief
RBI imposed a penalty on Osmanabad Janata Sahakari Bank Ltd. for failing to transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund. The order was issued on February 14, 2023 under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after RBI found the violation substantiated following a notice, the bank’s reply, and a personal hearing.
Based on the bank’s financial position as on March 31, 2021, RBI’s Risk Assessment Report found that Osmanabad Janata Sahakari Bank Ltd. had not transferred eligible unclaimed deposits to the Depositor Education and Awareness Fund. After a show-cause notice, consideration of the bank’s replies, and oral submissions at the personal hearing, RBI concluded that the charge of non-compliance with RBI directions was substantiated and imposed a monetary penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Severity Assessment
This is a monetary penalty of Rs 1.5 lakh, which falls within the lowest monetary band and carries no operational restriction.
The bank must bear the monetary penalty, but the release does not impose any new operational restriction on its business. The action signals RBI’s compliance expectation regarding transfer of unclaimed deposits under the DEAF Scheme.
Published as Osmanabad Janata Sahakari Bank Ltd.
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