Case Brief
RBI imposed a monetary penalty on The Bishnupur Town Cooperative Bank Ltd., West Bengal by order dated April 03, 2024. The penalty was for non-compliance with RBI’s Know Your Customer (KYC) Directions, 2016, specifically the bank’s failure to adopt a system of periodic review of risk categorization of accounts at least once in six months. The action followed a statutory inspection and show-cause proceedings under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- West Bengal
- Order Date