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Brief
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 on The Mumbai Mahanagarpalika Shikshan Vibhag Sahakari Bank Ltd., Mumbai for non-compliance with Know Your Customer (KYC) guidelines. The penalty follows an RBI inspection based on the bank’s financial position as of March 31, 2024, which revealed that the bank failed to conduct periodic risk categorization reviews of accounts at least once in six months, as required under RBI's KYC norms.
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