Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2 lakh on The Jammu and Kashmir State Co-operative Bank Ltd., Srinagar by order dated May 30, 2025. The penalty was levied for non-compliance with RBI directions on KYC, after a supervisory inspection and show-cause process found that the bank had failed to obtain Officially Valid Documents of customers while establishing account-based relationships. RBI stated that the penalty is based on deficiencies in regulatory compliance and does not pronounce on the validity of customer transactions or agreements.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Srinagar, Jammu and Kashmir