RBI slaps Rs 50,000 penalty on Bhilai Nagrik Sahakari Bank Maryadit in Chhattisgarh's Durg
New Delhi [India], January 29 (ANI): The Reserve Bank of India (RBI) has, by an order dated January 8, 2024, imposed a penalty of Rs 50,000 on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh (the bank) for non-compliance with the directions issued by RBI on 'Know Your Customer (KYC) Direction, 2016'.
This penalty has been imposed in the exercise of powers conferred on RBI under the provisions of Section 47A(1)(