Case Brief
The Reserve Bank of India imposed a penalty of Rs 1.00 lakh on Jila Sahakari Kendriya Bank Maryadit, Narsinghpur (M.P.) by order dated March 09, 2022. RBI said the bank had failed to transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund, contrary to Section 26-A of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014. The penalty was imposed after considering the bank's replies to a show-cause notice and was stated to be based on deficiencies in regulatory compliance.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Narsinghpur, Madhya Pradesh
- Order Date