The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.15 lakh on Jilla Sahakari Bank Ltd., Azamgarh, Uttar Pradesh, for failing to follow certain RBI rules related to Credit Information Companies (CICs) and Know Your Customer (KYC) requirements.
RBI Finds Regulatory Violations
The penalty was imposed through an order dated September 9, 2026. One of the violations found by RBI was that Jilla Sahakari Bank did not report credit information about its borrowers to all Credit Information Companies.
Banks are required to provide accurate and timely credit information so that credit records of borrowers remain properly updated.
RBI also found that the bank failed to upload customers’ KYC records to the Central KYC Records Registry (CKYCR) within the required time limit.
The CKYCR is used to centrally store and share customers’ KYC information, helping financial institutions access verified customer records.
RBI imposes ₹1.15 Lakh Penalty
Based on these violations, RBI imposed a total monetary penalty of ₹1.15 lakh on Jilla Sahakari Bank Ltd., Azamgarh. The penalty was imposed under the relevant provisions of the Credit Information Companies (Regulation) Act, 2005, and the Banking Regulation Act, 1949.
