Case Brief
RBI, by an order dated July 19, 2024, imposed a monetary penalty of ₹1.00 lakh on Jilla Sahakari Kendriya Bank Maryadit, Khargone, Madhya Pradesh. The action followed NABARD’s statutory inspection and related supervisory findings that the bank had contravened section 26A read with section 56 of the Banking Regulation Act, 1949 by not transferring eligible amounts to the Depositor Education and Awareness Fund within the prescribed period. RBI considered the bank’s reply, oral submissions, and additional submissions before concluding that the charge was sustained and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Khargone, Madhya Pradesh