India, Aug. 31 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.03 lakh on Jai Bhawani Sahakari Bank Ltd., Pune, for non-compliance with certain regulatory directions relating to Credit Information Companies (CICs) and Know Your Customer (KYC) norms.
The penalty was imposed through an order dated August 28, 2026, under provisions of the Banking Regulation Act, 1949 and the Credit Information Companies (Regulation) Act, 2005.
RBI's statutory inspection of the bank was conducted with reference to its financial position as of March 31, 2025. Following the inspection and subsequent review of the bank's response, the central bank found certain regulatory lapses warranting the penalty.
The bank was found to have failed...