Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Belgaum District Revenue Employees’ Co-operative Bank Limited, Belgaum, Karnataka, by order dated January 03, 2025. RBI said the penalty was for non-compliance with KYC directions, specifically that the bank failed to upload customer KYC records to the Central KYC Records Registry 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, following a statutory inspection and a show-cause process.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Belgaum, Karnataka
- Order Date