Monetary Penalty on Rajnandgaon Kendriya Sahakari Bank Maryadit
RBI press-release 2026-2027/743 · 23 Jul 2026
Official title
RBI imposes monetary penalty on Rajnandgaon Kendriya Sahakari Bank Maryadit, Rajnandgaon, Chhattisgarh
RBI press-release 2026-2027/743 · 23 Jul 2026
Official title
RBI imposes monetary penalty on Rajnandgaon Kendriya Sahakari Bank Maryadit, Rajnandgaon, Chhattisgarh
Summary
Check the official recordThe Reserve Bank of India has imposed a monetary penalty of ₹1 lakh on Rajnandgaon Kendriya Sahakari Bank Maryadit, Chhattisgarh, for failing to comply with RBI directions regarding 'Interest Rate on Deposits'. The penalty follows a statutory inspection by NABARD concerning the bank's financial position as of March 31, 2025, which identified that the bank paid additional interest to ineligible depositors. The RBI issued a show-cause notice and reviewed the bank's written and oral submissions before finalizing the penalty under the Banking Regulation Act, 1949. This regulatory action is based on compliance deficiencies and does not affect the validity of the bank's existing customer transactions or agreements.
Key dates
Who is affected
Thresholds
If you do not comply
July 23, 2026
RBI imposes monetary penalty on Rajnandgaon Kendriya Sahakari Bank Maryadit, Rajnandgaon, Chhattisgarh
The Reserve Bank of India (RBl) has, by an order dated July 16, 2026, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on Rajnandgaon Kendriya Sahakari Bank Maryadit, Rajnandgaon, Chhattisgarh (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’. 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 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 charge against the bank was sustained, warranting imposition of monetary penalty:
The bank had paid additional interest to certain ineligible depositors.
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: 2026-2027/743 Chief General Manager ᮧेस ᮧकाशनी PRESS RELEASE
भारतीय ᳯरज़वर् बᱹक
RESERVE BANK OF INDIA
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