Recorded RBI impact
Fine: Rs 1.00 L
Monetary penalty · Fresh imposition
Published by RBI
27 Jul 2026
Case Brief
The Reserve Bank of India imposed a monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Shajapur, Madhya Pradesh by order dated July 21, 2026. The action followed NABARD’s statutory inspection and a show-cause process, after RBI found that the bank had contravened section 26A read with section 56 of the Banking Regulation Act, 1949 by failing to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed period. RBI noted that the penalty was based on deficiencies in statutory compliance and did not pronounce on the validity of any transaction or agreement.
Why RBI Acted
RBI imposed a monetary penalty under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after supervisory findings and a show-cause process. The sustained charge was that the bank contravened section 26A read with section 56 of the BR Act by failing to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed period.
Operating Impact
The bank must bear the ₹1 lakh penalty and address the compliance lapse identified by RBI. The action does not itself impose an operational restriction, but it signals continued supervisory scrutiny and potential for further action if similar breaches recur.
Regulatory Basis
- section 26A read with section 56 of the Banking Regulation Act, 1949
- section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act
Action Facts
- Primary Impact
- Fine: Rs 1.00 L
- Order Date
- 21 Jul 2026
- Effective From
- 21 Jul 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank