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Brief
"On December 02, 2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on The Panchkula Central Co-operative Bank Ltd., Haryana. The bank was penalized ₹5 lakh for contravening provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949, due to failure to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time."
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