rbi imposes monetary penalty on the kurla nagarik sahakari bank

Reserve Bank of India

The Reserve Bank of India (RBI) on October 14 imposed a monetary penalty of Rs one lakh on The Kurla Nagarik Sahakari Bank for violation of certain rules.

"The penalty is for contravention of Section 26-A read with section 56 of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) framed under section 26 A of the Act," the RBI said.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.

The inspection report of the bank revealed that the bank had not transferred balances, in certain accounts which were unclaimed for more than ten years to Depositor Education and Awareness Fund, the RBI said.

Subsequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with and contravention of the provisions of the Act and the directions issued under the Act, the RBI said.

"After considering the bank’s written reply to the Notice and oral submissions made during the personal hearing and subsequent additional submissions, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," the RBI said.

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