Case Brief
The Reserve Bank of India imposed a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Morena (M.P.) for contravention of and non-compliance with RBI's Know Your Customer (KYC) directions. An inspection for the bank's financial position as on March 31, 2020 found that it had no system in place to identify suspicious transactions. After issuing a show-cause notice and considering the bank's replies and submissions, RBI held the charge substantiated and imposed the penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Act.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Morena, Madhya Pradesh
- Order Date