Case Brief
By an order dated January 03, 2025, RBI imposed a monetary penalty of ₹25,000 on The Arcot Co-operative Urban Bank Limited, Tamil Nadu. The penalty was imposed after a statutory inspection and show-cause process found that the bank had not uploaded customer KYC records to CKYCR within the prescribed timeline, constituting non-compliance with RBI directions on KYC. 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 25,000
- Entity Type
- Co-operative bank
- Location
- Tamil Nadu
- Order Date