Case Brief
RBI imposed a monetary penalty of ₹1.00 lakh on The Howrah District Central Co-operative Bank Ltd., Howrah, for non-compliance with the RBI’s KYC Directions, 2016. The action followed NABARD’s statutory inspection and a show-cause process. RBI found that the bank had failed to undertake periodic updation of KYC for customer accounts and had not put in place a system for risk categorisation of accounts. The penalty was imposed under section 47A(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
- Howrah, West Bengal
- Order Date