Case Brief
RBI, by order dated April 23, 2024, imposed a monetary penalty of ₹5.00 lakh on Lokmangal Co-operative Bank Limited, Solapur, Maharashtra. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a statutory inspection and subsequent show-cause proceedings. RBI found that the bank had not carried out periodic review of risk categorisation of accounts and had not periodically updated KYC in line with customers' risk categorisation, constituting non-compliance with RBI KYC directions.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Solapur, Maharashtra
- Order Date