Case Brief
RBI imposed a monetary penalty of ₹50,000 on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh, for non-compliance with RBI’s Know Your Customer (KYC) Direction, 2016. The bank was found, during a statutory inspection with reference to its financial position as on March 31, 2022, to have failed to carry out periodic updation of KYC for customers at the prescribed intervals. RBI issued a show-cause notice, considered the bank’s reply and additional submissions, and then held the charge substantiated before imposing the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Bhilai, Chhattisgarh