Case Brief
By an order dated September 19, 2023, RBI imposed a monetary penalty of ₹1.10 lakh on Birbhum District Central Co-operative Bank Ltd., Birbhum, West Bengal. The penalty followed a NABARD inspection that found lapses in periodic review and application of risk categorisation for accounts, and failure to obtain membership of three of the four Credit Information Companies. RBI said the contraventions were under its KYC Directions, 2016 and CIC membership requirements, and were established after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.10 L
- Entity Type
- Co-operative bank
- Location
- Birbhum, West Bengal
- Order Date