Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Balitikuri Cooperative Bank Ltd., Balitikuri, West Bengal, by order dated September 22, 2022. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after RBI found that the bank had not undertaken periodic review of the risk categorisation of its customers, contrary to RBI’s KYC directions. RBI stated that the deficiency was in regulatory compliance and did not pronounce on the validity of any transaction or agreement entered into by the bank with its customers.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Balitikuri, West Bengal