Case Brief
What Happened
By order dated December 26, 2024, RBI imposed a monetary penalty on Punjab Gramin Bank, Kapurthala, Punjab, following a NABARD statutory inspection with reference to the bank’s financial position as on March 31, 2023. RBI found that the bank contravened provisions of Section 26A read with Section 51(1) of the Banking Regulation Act, 1949 by failing to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.