The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 lakh on Rampur Jilla Sahkari Bank, Uttar Pradesh, for violating provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949.
The central bank issued the order on October 3, 2025, under the powers vested in it by Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the said Act.
According to the RBI, the action follows the statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024.
The inspection and subsequent supervisory review revealed non-compliance with statutory provisions, prompting the issuance of a show-cause notice to the bank.
After considering the bank’s written response and oral submissions during the personal hearing, the RBI determined that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness (DEA) Fund within the prescribed time, thereby contravening the regulatory requirements.
