Case Brief
The Reserve Bank of India imposed a penalty on The Kanyakumari District Central Co-operative Bank Ltd., Nagercoil, Tamil Nadu, by order dated May 18, 2023. RBI found that the bank had failed to transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund and had breached KYC Direction, 2016 requirements, including risk categorisation lapses and allotting multiple Customer Identification Codes to the same customers. The penalty was imposed under section 47A(1)(c) read with section 46(4)(i) and section 56 of the Banking Regulation Act, 1949 (AACS).
Action Snapshot
- Primary Impact
- Fine: Rs 7.50 L
- Entity Type
- Co-operative bank
- Location
- Nagercoil, Tamil Nadu