Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹0.50 lakh on Jila Sahakari Kendriya Bank Maryadit, Tikamgarh, after finding contravention of RBI directions on Know Your Customer (KYC). The bank's inspection report for its financial position as on March 31, 2019, revealed the non-compliance, and RBI said the charge was substantiated after considering the bank's reply. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.