Recorded RBI impact
Fine: Rs 5.00 L
Monetary penalty · Fresh imposition
Published by RBI
12 Dec 2024
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on The Ropar Central Co-operative Bank Ltd., Ropar, Punjab by order dated December 10, 2024. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after a statutory inspection by NABARD and subsequent supervisory proceedings. RBI found that the bank contravened Section 26A read with Section 56 by failing to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.
Why RBI Acted
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after supervisory inspection findings showed contravention of Section 26A read with Section 56. The sustained charge was that the bank did not transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed timeline.
Operating Impact
The bank must absorb the monetary penalty and address the compliance lapse going forward. The action does not itself impose an operating restriction, but it signals supervisory concern over compliance with depositor-related statutory transfer obligations.
Regulatory Basis
- Section 26A read with Section 56 of the Banking Regulation Act, 1949
- Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 5.00 L
- Order Date
- 10 Dec 2024
- Effective From
- 10 Dec 2024
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank