Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Excellent Co-operative Bank Ltd., Mumbai, Maharashtra by an order dated March 07, 2024. RBI said the penalty was for contravention of section 26A read with section 56 of the Banking Regulation Act, 1949. Based on the statutory inspection and subsequent show-cause process, RBI sustained the charge that the bank had not transferred the eligible amount to the Depositor Education and Awareness Fund. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.