Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Jila Sahakari Kendriya Bank Maryadit, Guna, Madhya Pradesh, by order dated September 16, 2021. RBI said the bank had contravened or failed to comply with provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014, and RBI directions on Know Your Customer (KYC). The action followed an inspection based on the bank's financial position as of March 31, 2019, a show-cause notice, and RBI's conclusion that the non-compliance was substantiated under the Act and RBI directions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Guna, Madhya Pradesh