Case Brief
By an order dated September 05, 2024, RBI imposed a monetary penalty of ₹1.00 lakh on Jila Sahakari Kendriya Bank Maryadit, Vidisha, Madhya Pradesh. The penalty was imposed for contravention of section 26A read with section 56 of the Banking Regulation Act, 1949, after NABARD’s statutory inspection and RBI’s review found that the bank failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Vidisha, Madhya Pradesh
- Order Date