Recorded RBI impact
Fine: Rs 36.4 L
Monetary penalty · Fresh imposition
Published by RBI
30 Dec 2024
Case Brief
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.
Why RBI Acted
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 after a NABARD statutory inspection (reference date March 31, 2023) found contravention of Section 26A read with Section 51(1) of the BR Act. The sustained charge was that Punjab Gramin Bank did not transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.
Operating Impact
Punjab Gramin Bank must bear the ₹36.40 lakh penalty, and the order serves as a regulatory compliance action with no stated operational restriction. The release notes that the penalty is without prejudice to any other action RBI may initiate in future.
Regulatory Basis
- Section 26A read with Section 51(1) of the Banking Regulation Act, 1949
- Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act
Action Facts
- Primary Impact
- Fine: Rs 36.4 L
- Order Date
- 26 Dec 2024
- Effective From
- 26 Dec 2024
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Bank