Case Brief
By an order dated January 03, 2025, RBI imposed a monetary penalty of Rs 50,000 on The Cordite Factory Co-operative Bank Ltd., Aravankadu, Nilgiris, Tamil Nadu. The penalty was imposed for non-compliance with RBI directions on Know Your Customer (KYC), specifically for failure to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline, 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
- Aravankadu, Tamil Nadu
- Order Date