Case Brief
By an order dated November 23, 2023, RBI imposed a monetary penalty of ₹1.00 lakh on Contai Co-operative Bank Ltd., Dist. Purba Medinipur, West Bengal. The penalty was imposed for non-compliance with the RBI's Know Your Customer (KYC) Directions, 2016, after inspection found that the bank had failed to put in place a system for periodic review of risk categorisation of accounts. RBI took the action under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Contai, West Bengal
- Order Date