Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on District Central Co-operative Bank Limited, Supaul, by order dated September 19, 2023. RBI said the bank had failed to comply with the Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016, after a NABARD inspection found that it had not put in place a system for periodic review of risk categorisation of accounts. The penalty was imposed under Section 47-A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Supaul, Bihar
- Order Date