Case Brief
What Happened
By an order dated January 08, 2024, RBI imposed a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Shahdol, Madhya Pradesh. The bank was found to have failed to transfer the eligible amount to the Depositor Education and Awareness Fund, contrary to section 26A read with section 56 of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014. The penalty was imposed after NABARD's inspection, a show-cause notice, and consideration of the bank's reply and oral submissions.