Case Brief
By an order dated February 19, 2025, RBI imposed a monetary penalty of Rs 25,000 on Mahila Sahakari Bank Ltd., Dist. Vadodara, Gujarat. The penalty was based on non-compliance with RBI’s KYC directions, specifically the bank’s failure to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline. RBI stated that the penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank’s reply, oral submissions, and additional submissions following a show-cause notice.
Action Snapshot
- Primary Impact
- Fine: Rs 25,000
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat