Case Brief
RBI, by order dated February 07, 2025, imposed a monetary penalty of ₹50,000 on The Ramanathapuram Co-operative Urban Bank Ltd., Ramanathapuram, Tamil Nadu. The penalty followed a statutory inspection and subsequent show-cause proceedings, in which RBI found that the bank had not complied with certain KYC directions, including failure 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
- Ramanathapuram, Tamil Nadu
- Order Date