Recorded RBI impact
Fine: Rs 1.00 L
Monetary penalty · Fresh imposition
Published by RBI
23 Jul 2026
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Rajnandgaon Kendriya Sahakari Bank Maryadit, Rajnandgaon, Chhattisgarh. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after NABARD-conducted inspection and RBI supervisory review found non-compliance with directions on interest rate on deposits. RBI stated that the sustained charge was that the bank paid additional interest to certain ineligible depositors.
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 inspection findings showed non-compliance with RBI directions on ‘Interest Rate on Deposits’. The sustained charge was that the bank paid additional interest to certain ineligible depositors.
Operating Impact
The bank must absorb the penalty and remain compliant with RBI directions on deposit interest rates going forward. The action does not by itself alter customer contracts, but it signals continued supervisory scrutiny and the possibility of further action if similar non-compliance recurs.
Regulatory Basis
- section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 1.00 L
- Order Date
- 16 Jul 2026
- Effective From
- 16 Jul 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank