RBI Imposes Penalty on Ambarnath Jai Hind Co-operative Bank for Non-Compliance
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3 lakh on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra, for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.
The penalty was imposed based on the findings of a statutory inspection conducted by RBI with reference to the bank’s financial position as on March 31, 2023. The inspection revealed that the bank had:
Collected fixed penal charges for shortfall in the maintenance of minimum balance in savings bank accounts without giving one month notice to customers regarding minimum balance requirement.
Collected penal charges for non-maintenance of minimum balance in inoperative accounts.
Charged for the activa...