Case Brief
RBI, by an order dated January 03, 2025, imposed a monetary penalty on The Tamilnadu Circle Postal Co-operative Bank Limited, Tamil Nadu. The penalty was for non-compliance with RBI directions on Know Your Customer (KYC), after supervisory findings showed that the bank failed to upload customer KYC records to the Central KYC Records Registry 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 50,000
- Entity Type
- Co-operative bank
- Location
- Tamil Nadu
- Order Date