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The Reserve Bank of India (RBI) has imposed, by an order dated October 13, 2022, a financial penalty of ₹2.00 lakh (Rupees Two Lakh solely) on The Co-operative Bank of Rajkot Ltd., Rajkot (Gujarat) (the financial institution) for contravention of sub-part (2) of part 26A of the Banking Regulation Act, 1949 (the Act) learn with paragraph 3 of The Depositor Education and Awareness Fund Scheme, 2014 (the scheme) enclosed with Circular on ‘The Depositor Education and Awareness Fund Scheme, 2014 – Section 26A of Banking Regulation Act, 1949 – Operational Guidelines’ dated May 27, 2014. This penalty has been imposed in train of powers vested in RBI underneath the provisions of Section 47 A (1) (c) learn with Sections 46 (4) (i) and 56 of the Act, bearing in mind the failure of the financial institution to stick to the aforesaid instructions issued by RBI. This motion relies on deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its prospects. Background The statutory inspection of the financial institution performed by RBI as regards to its monetary place as on March 31, 2021, the Inspection Report and Risk Assessment Report pertaining thereto and examination of all associated correspondence revealed, inter alia, that the financial institution had not transferred balances mendacity in sure accounts remaining unclaimed for greater than ten years to the Depositor Education and Awareness Fund, leading to contravention of aforesaid provisions of the Act learn with the scheme. Based on the identical a discover was issued to the financial institution advising it to indicate trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions issued by RBI. After contemplating the financial institution’s reply to the discover and oral submissions made in the course of the private listening to, the RBI got here to the conclusion that the aforesaid cost was substantiated and warranted imposition of financial penalty. (Yogesh Dayal) Press Release: 2022-2023/1054 |
