Case Brief
By an order dated May 12, 2026, RBI imposed a monetary penalty of ₹1.50 lakh on Jilla Sahakari Kendriya Bank Maryadit, Seoni, Madhya Pradesh, after a statutory inspection by NABARD. RBI said the bank contravened Section 26A read with Section 56 of the Banking Regulation Act, 1949 and failed to comply with certain RBI KYC directions, including not transferring eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time and not reviewing risk categorisation of accounts at least once every six months.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Seoni, Madhya Pradesh
- Order Date