Case Brief
RBI, by order dated November 13, 2023, imposed a monetary penalty of ₹1.50 lakh on The Patliputra Central Cooperative Bank Ltd, Bihar. The penalty was imposed under Section 47-A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a NABARD statutory inspection that found non-compliance with RBI’s directions on the Depositor Education and Awareness Fund Scheme, 2014 and KYC directions. The bank had not transferred eligible amounts to the Fund, had not classified customers into risk categories, and had not implemented periodic KYC updation.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Bihar
- Order Date