Case Brief
The Reserve Bank of India ordered a monetary penalty of Rs 2.00 lakh on Ambarnath Jaihind Co-operative Bank Ltd., Ambarnath, Maharashtra, for non-compliance with directions on Know Your Customer (KYC). RBI said a statutory inspection revealed that the bank had failed to put in place a system to periodically review the risk category of accounts. After issuing a show-cause notice and considering the bank’s reply, RBI concluded that the charge was substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Ambarnath, Maharashtra
- Order Date