India, June 19 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 20,000 on Sarvodaya Commercial Co-operative Bank Ltd. for non-compliance with RBI guidelines relating to inoperative accounts and unclaimed deposits.
The penalty was levied following an RBI inspection conducted with reference to the bank's financial position as of March 31, 2025. During the supervisory review, the regulator identified violations of its directions and subsequently issued a show-cause notice to the bank.
After examining the bank's response and oral submissions, RBI found that the bank had imposed penal charges for non-maintenance of minimum balances in certain inoperative accounts, which was in contravention of the prescribed regulations....