Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Rajnandgaon Kendriya Sahakari Bank Maryadit, Rajnandgaon, Chhattisgarh. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after NABARD-conducted inspection and RBI supervisory review found non-compliance with directions on interest rate on deposits. RBI stated that the sustained charge was that the bank paid additional interest to certain ineligible depositors.