The Reserve Bank of India has imposed a monetary penalty of Rs 50,000 on Jila Sahakari Kendriya Bank Maryadit, Morena (M.P.).
The bank was faulted for non-compliance with the directions issued by the RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
After considering the bank’s replies, oral submissions made during the personal hearing and additional submissions made by the bank, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.
