RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S3

Press Releases Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

110985823

RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Vidisha, Madhya Pradesh

The Reserve Bank of India (RBl) has, by an order dated September 05, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Jila Sahakari Kendriya Bank Maryadit, Vidisha, Madhya Pradesh (the bank) for contravention of the 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 vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 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, 2023. Based on supervisory findings of contravention of the statutory provision 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 statutory provision.

After considering the bank's reply to the notice and examination of additional submissions made by it, RBI found, inter alia, that the charge of not transferring the eligible amounts to the Depositor Education and Awareness Fund within the prescribed period was sustained, warranting imposition of monetary penalty.

This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

 

(Puneet Pancholy)     
Chief General Manager

Press Release: 2024-2025/1067

RbiTtsCommonUtility

प्ले हो रहा है
ਸੁਣੋ

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

ਭਾਰਤੀ ਰਿਜ਼ਰਵ ਬੈਂਕ ਮੋਬਾਈਲ ਐਪਲੀਕੇਸ਼ਨ ਇੰਸਟਾਲ ਕਰੋ ਅਤੇ ਨਵੀਨਤਮ ਖਬਰਾਂ ਤੱਕ ਤੇਜ਼ ਐਕਸੈਸ ਪ੍ਰਾਪਤ ਕਰੋ!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

ਕੀ ਇਹ ਪੇਜ ਲਾਭਦਾਇਕ ਸੀ?