Case Brief
RBI, by order dated August 26, 2025, imposed a monetary penalty of ₹1 lakh on Jilla Sahakari Kendriya Bank Maryadit, Ujjain, Madhya Pradesh. The penalty was imposed after NABARD’s statutory inspection found non-compliance, and RBI concluded that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time, constituting contravention of Section 26A read with Section 56 of the Banking Regulation Act, 1949. The action was taken under Section 47A(1)(c) and Section 46(4)(i) read with Section 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ujjain, Madhya Pradesh