Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Jila Sahakari Kendriya Bank Maryadit, Rajgarh (M.P.) by order dated December 15, 2021. RBI said the bank had contravened its Know Your Customer (KYC) directions, with the inspection report noting that the bank had no system to monitor suspicious transactions. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after considering the bank’s replies and oral submissions.