Case Brief
What Happened
By an order dated May 14, 2024, RBI imposed a monetary penalty of ₹2.00 lakh on The Bhadohi Urban Co-operative Bank Ltd., Bhadohi, Uttar Pradesh. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after a statutory inspection and consideration of the bank's reply and oral submissions. RBI found that the bank had not transferred the eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, constituting contravention of section 26A(2) read with section 56 of the BR Act.