Monetary Penalty on Jilla Sahakari Bank Ltd., Azamgarh
RBI press-release 2026-2027/1090 · 10 Sept 2026
Official title
RBI imposes monetary penalty on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh
RBI press-release 2026-2027/1090 · 10 Sept 2026
Official title
RBI imposes monetary penalty on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh
Summary
Check the official recordThe Reserve Bank of India imposes a monetary penalty of ₹1.15 lakh on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh. The bank failed to report credit information of its borrowers to all Credit Information Companies. The bank also failed to upload customer KYC records to the Central KYC Records Registry within the prescribed timeline. The Reserve Bank of India issued this penalty after a statutory inspection by the National Bank for Agriculture and Rural Development. The bank received a show cause notice and participated in a personal hearing before the final order. This action addresses regulatory compliance deficiencies and does not affect the validity of bank transactions with customers.
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September 10, 2026
RBI imposes monetary penalty on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh
The Reserve Bank of India (RBI) has, by an order dated September 09, 2026, imposed a monetary penalty of ₹1.15 lakh (Rupees One Lakh and Fifteen Thousand only) on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh (the bank) for non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 25(1)(iii) read with Section 23(4) of Credit Information Companies (Regulation) Act, 2005 and under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
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 non-compliance with RBI directions 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 directions. 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 charges against the bank were sustained, warranting imposition of monetary penalty:
The bank had:
This action is based on deficiencies 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.
(Brij Raj)
Press Release: 2026-2027/1090 Chief General Manager
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