Case Brief
What Happened
By an order dated February 7, 2024, RBI imposed a monetary penalty of ₹26.60 lakh on G P Parsik Sahakari Bank Ltd., Thane. The action followed a statutory inspection and review which found that the bank had delayed shadow reversal of unauthorised electronic transaction amounts beyond 10 working days after customer notification and had levied ATM card issuance and annual maintenance charges in BSBD accounts. RBI concluded that the bank had violated its directions on customer protection and Basic Savings Bank Deposit Accounts, and imposed the penalty under the Banking Regulation Act, 1949.