Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹0.50 lakh on Jila Sahakari Kendriya Bank Maryadit, Sagar, Madhya Pradesh, for contravention of and non-compliance with RBI directions on Know Your Customer (KYC). The violation was identified in an inspection report based on the bank’s financial position as of March 31, 2019. After issuing a notice, considering the bank’s written reply and oral submissions at a personal hearing, RBI held that the charge was substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Sagar, Madhya Pradesh
- Order Date