Case Brief
By an order dated July 22, 2024, RBI imposed a monetary penalty of ₹1.00 lakh on Jharkhand State Co-operative Bank Ltd, Ranchi. The penalty was issued for non-compliance with RBI directions on Know Your Customer (KYC) norms, specifically the bank’s failure to maintain a system for periodic review of risk categorisation of accounts. RBI acted under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank’s submissions and hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ranchi, Jharkhand
- Order Date