Case Brief
The Reserve Bank of India imposed a monetary penalty on Jijau Commercial Co-operative Bank Ltd., Amravati, Maharashtra by order dated December 05, 2022. The penalty was for contravention of RBI directions to urban co-operative banks regarding Know Your Customer (KYC) compliance and opening of on-site ATMs. RBI said the inspection revealed that the bank had not periodically updated customer KYC and had opened an on-site ATM in violation of the applicable directions. The penalty was imposed 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 1.25 L
- Entity Type
- Co-operative bank
- Location
- Amravati, Maharashtra