Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on Jijamata Mahila Sahakari Bank Limited, Pune, by order dated November 20, 2023. RBI found that the urban co-operative bank had failed to conduct periodic review of risk categorisation of accounts and had not reported a fraud to RBI within the stipulated timeline, violating RBI's KYC Direction, 2016 and the directions on fraud monitoring and reporting for UCBs. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.