Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.50 lakh on Solapur Siddheshwar Sahakari Bank Limited, Solapur (Maharashtra), for contravention / non-adherence to RBI directions on Know Your Customer (KYC). RBI said the bank’s risk assessment report showed that it had no system for periodic review of risk categorisation of accounts, and after considering the bank’s replies and submissions, concluded that the violation was substantiated and merited penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Solapur, Maharashtra
- Order Date