Recorded RBI impact
Fine: Rs 1.00 L
Monetary penalty · Fresh imposition
Published by RBI
1 Sept 2025
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Jila Sahakari Kendriya Bank Maryadit, Narmadapuram, Madhya Pradesh, by order dated August 26, 2025. The action was taken for contravention of Section 26A read with Section 56 of the Banking Regulation Act, 1949, after a NABARD statutory inspection found non-compliance. RBI concluded that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, and imposed the penalty under Section 47A(1)(c) and Section 46(4)(i) read with Section 56 of the BR Act.
Why RBI Acted
RBI imposed a monetary penalty under Section 47A(1)(c) and Section 46(4)(i) read with Section 56 of the Banking Regulation Act, 1949. The penalty followed a statutory inspection by NABARD and a show-cause process, after which RBI sustained the charge that the bank had not transferred eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.
Operating Impact
The bank must pay the monetary penalty; the order does not itself impose an operational restriction. The finding concerns compliance with unclaimed-deposit transfer requirements and may expose the bank to any further action RBI chooses to initiate.
Regulatory Basis
- Section 26A read with Section 56 of the Banking Regulation Act, 1949
- Section 47A(1)(c)
- Section 46(4)(i) read with Section 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 1.00 L
- Order Date
- 26 Aug 2025
- Effective From
- 26 Aug 2025
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank