The Reserve Bank of India (RBI) has imposed a Rs 2.50 lakh monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh, for violating provisions of the Banking Regulation Act, 1949.
According to an RBI order dated August 11, 2026, the penalty relates to the bank’s failure to transfer eligible unclaimed amounts to the Depositor Education and Awareness (DEA) Fund within the prescribed timeframe.
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 of March 31, 2025. Based on the supervisory findings, RBI issued a show-cause notice to the bank.
After examining the bank’s written response, additional submissions and oral arguments during a personal hearing, RBI concluded that the charge was established and warranted the monetary penalty.
RBI said the action is based on deficiencies in statutory compliance and does not question the validity of transactions or agreements entered into by the bank with its customers. The penalty is also without prejudice to any other regulatory action that may be initiated against the bank.
