The Reserve Bank of India has imposed a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Sagar, Madhya Pradesh for contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC).
This penalty has been imposed in exercise of powers vested in RBI and after taking into account the failure of the bank to adhere to the aforesaid directions issued by 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.