What is the Depositor Education and Awareness Fund?

It is a fund maintained by RBI where banks must transfer unclaimed deposits (like savings or fixed deposits not claimed for 10 years) to protect depositors' interests and fund awareness programs.

What was the penalty amount and why?

The penalty was ₹1 lakh for failing to transfer eligible unclaimed amounts to the fund within the prescribed period, violating Section 26A of the Banking Regulation Act.

Does this penalty affect the bank's transactions with customers?

No, the penalty is for statutory non-compliance and does not invalidate any customer transactions or agreements.

Home › Circulars › RBI press release 63241

RBI fines Jilla Sahakari Kendriya Bank for delayed unclaimed deposit transfer

Source: Reserve Bank of India · Press Release prid 63241 · ~1 min read

RBI imposed a ₹1 lakh penalty on Jilla Sahakari Kendriya Bank Maryadit, Shajapur, for failing to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed period, violating Section 26A of the Banking Regulation Act.

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Official RBI source: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63241 — summary by BankPulse (bankpulse.ai).

Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗

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RBI fines Jilla Sahakari Kendriya Bank for delayed unclaimed deposit transfer

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