The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 lakh on Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh. The penalty was imposed through an order dated 11 August 2026 for violating the provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949.
Reason for Penalty on Jilla Sahakari Kendriya Bank Maryadit, Bhind
The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) based on the bank’s financial position as of 31 March 2025. During the inspection, certain statutory compliance issues were identified.
After examining the findings and the bank’s response, RBI issued a notice asking the bank to explain why a penalty should not be imposed. RBI also considered the bank’s additional submissions and statements made during the personal hearing.
RBI found that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed period. This charge was considered sufficient to impose the monetary penalty.
RBI Penalises Valuefin India Credit Services
In another action, RBI has imposed a monetary penalty of ₹1.80 lakh on Valuefin India Credit Services Private Limited. The penalty was imposed through an order dated 11 August 2026 for non-compliance with RBI directions relating to the acquisition of shareholding or control. The penalty was imposed under the relevant provisions of the Reserve Bank of India Act, 1934.
Reason for Penalty on Valuefin India Credit Services
RBI’s correspondence with the company related to the post-facto approval sought for the acquisition of more than 26% of the company’s paid-up equity capital by new investors. During the process, RBI found that the company had not complied with the applicable directions.
The company had failed to obtain prior written permission from RBI before allowing a change in shareholding exceeding 26% of its paid-up equity capital.
