RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Ujjain, Madhya Pradesh - आरबीआय - Reserve Bank of India
RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Ujjain, Madhya Pradesh
The Reserve Bank of India (RBl) has imposed, by an order dated August 26, 2025, a monetary penalty of ₹1 lakh (Rupees One Lakh only) on Jilla Sahakari Kendriya Bank Maryadit, Ujjain, Madhya Pradesh (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) and Section 46(4)(i) read with Section 56 of the BR Act. The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD), with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions. After considering the bank's reply to the notice, additional submissions and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty: The bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.
(Puneet Pancholy) Press Release: 2025-2026/1019 |