Case Brief
By an order dated December 6, 2024, RBI imposed a monetary penalty of Rs 50,000 on Mandya City Co-operative Bank Ltd., Mandya, Karnataka. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after RBI found non-compliance with its KYC directions. The specific breach sustained was the bank's failure to upload the KYC records of certain customers to the Central KYC Records Registry within the prescribed timeline.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Mandya, Karnataka
- Order Date