The Reserve Bank of India has imposed a monetary penalty of Rs 50,000 on Jilla Sahakari Kendriya Bank Maryadit, Damoh, Madhya Pradesh, for violating provisions of the Banking Regulation Act, 1949.

The action follows a NABARD inspection, which found that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the stipulated time. RBI clarified that the penalty pertains to compliance deficiencies and does not impact the validity of customer transactions or agreements.