![[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!](https://businessfortnight.com/wp-content/uploads/2025/10/Toyota-Times-Century-as-a-Brand-Lexus-as-Innovation-All-218x150.jpg "[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!")
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The Reserve Bank of India (RBI) has imposed, by an order dated September 16, 2022, a financial penalty of ₹25,000 (Rupees Twenty Five thousand solely) on Nagrik Sahakari Bank Maryadit, Vidisha (M.P.) (the financial institution) for contravention of/ non-compliance with the instructions issued by the RBI to Urban Co-operative Banks on Know Your Customer (KYC). This penalty has been imposed in train of powers vested in RBI below the provisions of Section 47 A (1) (c) learn with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, making an allowance for the failure of the financial institution to stick to the aforesaid instructions issued by RBI. This motion relies on deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its clients. Background The Risk Assessment Report of the financial institution primarily based on its monetary place as on March 31, 2021, revealed, inter alia, that the financial institution had not carried out periodic updation of KYC of its clients, in contravention of/ non-compliance with the aforesaid instructions issued by RBI. Based on the identical, a Notice was issued to the financial institution advising it to point out trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions. After contemplating the financial institution’s replies and oral submissions made throughout private listening to, RBI got here to the conclusion that the aforesaid cost of non-compliance with RBI instructions was substantiated and warranted imposition of financial penalty. (Yogesh Dayal) Press Release: 2022-2023/889 |
