Case Brief
RBI imposed a monetary penalty of ₹2.00 lakh on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat, by order dated January 28, 2025. The penalty followed a statutory inspection and subsequent show-cause proceedings over non-compliance with RBI directions on placement of deposits with other banks and KYC. RBI found that the bank had failed to adhere to prudential inter-bank and counterparty exposure limits, upload KYC records to CKYCR within the prescribed timeline, and review the risk categorisation of accounts at least once every six months.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Surat, Gujarat
- Order Date