RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Chhattarpur, Madhya Pradesh
Case Brief
By an order dated June 28, 2024, RBI imposed a monetary penalty of ₹2.50 lakh on Jilla Sahakari Kendriya Bank Maryadit, Chhattarpur, Madhya Pradesh. The penalty followed NABARD’s statutory inspection and a show-cause process, after which RBI concluded that the bank had failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, in contravention of section 26A read with section 56 of the Banking Regulation Act, 1949.
RBI imposed a monetary penalty after supervisory inspection and show-cause proceedings found that the bank had contravened section 26A read with section 56 of the Banking Regulation Act, 1949. The sustained charge was that the bank did not transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.
Severity Assessment
This is a monetary penalty of ₹2.50 lakh, which falls within the lowest monetary band (up to ₹5 lakh), with no additional operational restriction.
The bank must absorb the penalty and may also face any other action RBI chooses to initiate separately. The order does not itself alter customer contracts or pronounce on the validity of transactions, but it records a regulatory compliance lapse.
Published as Jilla Sahakari Kendriya Bank Maryadit, Chhattarpur, Madhya Pradesh
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