RBI imposes monetary penalty on Bank of India
Case Brief
By an order dated January 07, 2025, RBI imposed a monetary penalty of Rs 1 crore on Bank of India. The penalty was imposed for non-compliance with Section 26A of the Banking Regulation Act, 1949, read with the Depositor Education and Awareness Fund Scheme, 2014, after RBI’s Statutory Inspection for Supervisory Evaluation found that the bank had not transferred eligible amounts to the Fund within the prescribed period.
RBI imposed a monetary penalty on Bank of India under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, for non-compliance with Section 26A of the BR Act read with the Depositor Education and Awareness Fund Scheme, 2014. The supervisory inspection found that the bank had not transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.
Severity Assessment
A monetary penalty of Rs 1 crore falls in the highest monetary band used here (severity 4).
Bank of India must bear the Rs 1 crore penalty, and the finding highlights a continuing compliance obligation to transfer eligible amounts to the Depositor Education and Awareness Fund on time. The order does not state any operational restriction on the bank, but RBI notes the penalty is without prejudice to any other action it may initiate.
Published as Bank of India
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