Case Brief
By an order dated January 03, 2025, RBI imposed a monetary penalty of Rs 50,000 on Virudhunagar Co-operative Urban Bank Limited, Virudhunagar, Tamil Nadu. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after supervisory findings showed that the bank had failed to upload customer KYC records to the Central KYC Records Registry within the prescribed timeline. RBI issued a show-cause notice, considered the bank’s reply and oral submissions, and then sustained the charge.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Virudhunagar, Tamil Nadu
- Order Date