RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Sidhi, Madhya Pradesh

Case Brief

By an order dated February 22, 2021, RBI imposed a monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Sidhi for non-compliance with the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014. The violations arose from not transferring eligible amounts from inoperative accounts to the Depositor Education and Awareness Fund and from delays in submitting statutory returns to RBI and NABARD, as revealed in the bank's statutory inspection as on March 31, 2019. RBI said the bank's reply to the show-cause notice was considered before the penalty was confirmed.