Case Brief
By an order dated December 18, 2024, RBI imposed a monetary penalty of Rs 50,000 on Manjra Mahila Urban Co-operative Bank Limited, Bidar, Karnataka for non-compliance with RBI directions on Know Your Customer (KYC). RBI said the supervisory inspection found that the bank had failed to upload customers’ KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline. 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 50,000
- Entity Type
- Co-operative bank
- Location
- Bidar, Karnataka
- Order Date