The Reserve Bank of India has imposed, by an order dated April 19, 2021, a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Sagar, Madhya Pradesh (the bank).
The DCCB was faulted for contravention and 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 due to 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.