Case Brief
What Happened
By an order dated December 15, 2021, RBI imposed a penalty of Rs 1.00 lakh on Jila Sahakari Kendriya Bank Maryadit, Jabalpur (M.P.) under the Banking Regulation Act, 1949. The action followed inspection findings that the bank had delayed statutory/OSS returns to RBI and NABARD and had no system to generate alerts and monitor suspicious transactions, violating NABARD directions on submission of returns and RBI's KYC directions. After the bank's replies and personal hearing, RBI concluded the contraventions were substantiated and warranted the penalty.