Case Brief
By an order dated June 28, 2024, RBI imposed a monetary penalty of ₹2.50 lakh on Jilla Sahakari Kendriya Bank Maryadit, Chhattarpur, Madhya Pradesh. The penalty followed NABARD’s statutory inspection and a show-cause process, after which RBI concluded that the bank had failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, in contravention of section 26A read with section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- Chhattarpur, Madhya Pradesh
- Order Date