Osmanabad Janata Sahakari Bank Ltd., Osmanabad, Maharashtra

RBI imposed a monetary penalty of Rs 1.50 lakh on Osmanabad Janata Sahakari Bank Ltd., Osmanabad, for non-compliance with directions relating to unclaimed deposits.

The bank must bear the monetary penalty, but the release does not impose any new operational restriction on its business. The action signals RBI’s compliance expectation regarding transfer of unclaimed deposits under the DEAF Scheme.

• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949
• Depositor Education and Awareness Fund Scheme, 2014

RBI has imposed a monetary penalty of Rs 2.50 lakh on Osmanabad Janata Sahakari Bank Ltd., Osmanabad, Maharashtra. The action was for non-compliance with RBI’s KYC directions for urban co-operative banks.

The bank must pay the penalty; RBI’s order does not, by itself, impose an operational restriction beyond the monetary penalty. The underlying compliance lapse concerns customer KYC and risk categorization, so the bank remains expected to ensure ongoing adherence to RBI KYC requirements.

• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949