RBI imposes monetary penalty on Swami Vivekanand Sahakari Bank Niyamit, Nidagundi, Karnataka

Case Brief

RBI imposed a monetary penalty of ₹1.00 lakh on Swami Vivekanand Sahakari Bank Niyamit, Nidagundi, Karnataka, by an order dated December 18, 2024. The action was taken after a statutory inspection and supervisory findings showed non-compliance with RBI directions on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’. RBI found that the bank had failed to adhere to prudential inter-bank (gross) and counterparty exposure limits and had not uploaded KYC records of customers to 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.