Case Brief
RBI, by order dated December 13, 2024, imposed a monetary penalty of ₹1.00 lakh on The Bhadran People’s Co-operative Bank Ltd., Dist. Anand, Gujarat. The penalty was imposed after supervisory examination found violations of RBI directions relating to interest rate on deposits and KYC compliance. RBI noted that the bank had accepted interest-free deposits in accounts other than current accounts and failed to upload customer KYC records to the CKYCR within the prescribed timeline. The action was taken 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
- Bhadran, Gujarat