Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.15 lakh on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh, after a statutory inspection and subsequent supervisory process found non-compliance with RBI directions on membership of Credit Information Companies by co-operative banks and on KYC. RBI said the bank failed to report credit information of its borrowers to all Credit Information Companies and failed to upload customer KYC records to CKYCR within the prescribed timeline. The penalty was imposed under the relevant provisions of the Credit Information Companies (Regulation) Act, 2005 and the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.15 L
- Entity Type
- Co-operative bank
- Location
- Azamgarh, Uttar Pradesh