Case Brief
The Reserve Bank of India imposed a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Tikamgarh (Madhya Pradesh) by order dated February 14, 2023. RBI found that the bank had contravened / not complied with its KYC directions, specifically by failing to complete risk categorisation of customers, based on inspection findings for the bank's financial position as on March 31, 2021. 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 50,000
- Entity Type
- Co-operative bank
- Location
- Tikamgarh, Madhya Pradesh
- Order Date