Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3 lakh on Jilla Sahkari Bank Limited, Kanpur, Uttar Pradesh, for non-compliance with certain RBI directions on Know Your Customer (KYC). The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act after inspection and supervisory findings showed that the bank had failed to maintain a system for periodic review of the risk categorisation of accounts at least once every six months.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Kanpur, Uttar Pradesh
- Order Date