Case Brief
The Reserve Bank of India imposed a monetary penalty on Nashik Zilha Sarkari & Parishad Karmachari Sahakari Bank Niyamit, Nashik, Maharashtra, by order dated January 18, 2024. RBI said the bank had not put in place a system of periodic review of the risk categorization of its customers, which amounted to non-compliance with RBI's KYC directions. The penalty was levied under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after RBI considered the bank's reply and oral submissions and found the charge substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra
- Order Date