RBI imposes monetary penalty on The Panchkula Central Co-operative Bank Ltd., Haryana
Case Brief
The Reserve Bank of India imposed a monetary penalty on The Panchkula Central Co-operative Bank Ltd., Haryana by order dated November 29, 2024. The penalty was imposed after a NABARD inspection and a show-cause process, and RBI held that the bank had contravened Section 26A read with Section 56 of the Banking Regulation Act, 1949 by failing to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after a NABARD statutory inspection and supervisory findings showed non-compliance. The sustained charge was that the bank did not transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, in contravention of Section 26A read with Section 56 of the BR Act.
Severity Assessment
The action is a monetary penalty of ₹5 lakh, which falls in the lowest monetary band and carries no structural restriction.
The bank must absorb the penalty and continue operating subject to normal regulatory oversight. The release does not describe any operational restriction, but it signals continued supervisory scrutiny for compliance failures relating to unclaimed deposits and related statutory transfers.
Published as The Panchkula Central Co-operative Bank Ltd., Haryana
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