Case Brief
By an order dated June 16, 2022, RBI imposed a penalty of Rs 0.75 lakh on Jila Sahakari Kendriya Bank Maryadit, Sidhi (M.P.) for contravention of the Banking Regulation Act, 1949 and RBI directions on KYC. RBI said the bank had delayed statutory/OSS return submissions to RBI and NABARD and lacked a system to generate alerts and monitor suspicious transactions. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 75,000
- Entity Type
- Co-operative bank
- Location
- Sidhi, M.P.
- Order Date