Case Brief
The Reserve Bank of India imposed a monetary penalty on Janseva Sahakari Bank Limited, Pune by order dated June 23, 2021. RBI said the bank contravened its Know Your Customer (KYC) direction because it had not introduced a system of periodic review of risk categorization of accounts. After a notice, the bank’s reply, and oral submissions at the personal hearing, RBI concluded the charge was substantiated and warranted the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date