Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Jila Sahakari Kendriya Bank Maryadit, Shivpuri (M.P.) for contravention of the Banking Regulation Act, 1949 and RBI directions on KYC. RBI said the bank delayed submission of statutory/OSS returns to RBI and NABARD and did not have a system to generate alerts or monitor suspicious transactions. The action was taken after inspection-based findings, issuance of a show-cause notice, and consideration of the bank's reply.