Case Brief
The RBI, by order dated August 14, 2023, imposed a monetary penalty of ₹2.00 lakh on The Midnapore People’s Co-operative Bank Ltd., West Bengal. The penalty was imposed for non-compliance with RBI directions on exposure norms and KYC, after inspection findings showed breaches of prudential inter-bank exposure limits and a failure to periodically review the risk categorization of accounts. RBI stated the action was based on deficiencies in regulatory compliance and not intended to pronounce on the validity of customer transactions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- West Bengal
- Order Date