Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.50 lakh on Jila Sahakari Kendriya Bank Maryadit, Mandsaur, Madhya Pradesh, by order dated October 07, 2024. The penalty was imposed under section 47A(1)(c) read with section 46(4)(i) and section 56 of the Banking Regulation Act, 1949, after a statutory inspection by NABARD and a subsequent show-cause notice. RBI found that the bank had contravened section 26A read with section 56 by failing to transfer eligible unclaimed deposit amounts to the Depositor Education and Awareness Fund within the prescribed period.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- Mandsaur, Madhya Pradesh