Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2,50,000 on Panihati Co-operative Bank Ltd. by order dated June 20, 2023. RBI said the bank had not adhered to directions on exposure norms and KYC requirements, based on an inspection that found violations in prudential inter-bank exposure limits and in producing KYC documents for several accounts. The penalty was levied under the Banking Regulation Act, 1949 after considering the bank's reply and submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- Panihati, West Bengal
- Order Date