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    Question

    Why did the RBI impose a monetary penalty on The Magadh

    Central Co-operative Bank, Bihar?
    A For failing to meet the minimum capital adequacy ratio Correct Answer Incorrect Answer
    B For not maintaining proper customer service records Correct Answer Incorrect Answer
    C For non-compliance with KYC norms under the Banking Regulation Act, 1949 Correct Answer Incorrect Answer
    D For issuing loans without proper documentation Correct Answer Incorrect Answer
    E For failing to meet the priority sector lending targets Correct Answer Incorrect Answer

    Solution

    RBI imposed a penalty on The Magadh Central Co-operative Bank, Bihar, for non-compliance with KYC norms under the Banking Regulation Act, 1949.

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