Case Brief
By an order dated October 04, 2023, RBI imposed a monetary penalty of ₹2.00 lakh on Pij People’s Co-operative Bank Limited, Pij, Dist. Kheda, Gujarat. The penalty was imposed under Section 47-A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 for non-compliance with RBI’s Know Your Customer (KYC) Directions, 2016. A statutory inspection found that the bank had failed to carry out periodic review of risk categorisation of accounts. After issuing a show-cause notice and considering the bank’s reply and oral submissions, RBI concluded that the contravention was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Pij, Gujarat