RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Shajapur, Madhya Pradesh

July 27, 2026

RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Shajapur, Madhya Pradesh

The Reserve Bank of India (RBl) has, by an order dated July 21, 2026, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on Jilla Sahakari Kendriya Bank Maryadit, Shajapur, 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 conferred on RBI, under the provisions of 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 National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2025. Based on supervisory findings of contravention of 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 made by it 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 period.

This action is based on deficiencies in statutory 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.

(Brij Raj)

Press Release: 2026-2027/765 Chief General Manager ᮧेस ᮧकाशनी PRESS RELEASE

भारतीय ᳯरज़वर् बᱹक

RESERVE BANK OF INDIA

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