Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Porbandar Commercial Co-operative Bank Limited, Dist. Porbandar, Gujarat, by order dated March 27, 2025. The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a statutory inspection and subsequent supervisory proceedings. RBI found that the bank had failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline, constituting non-compliance with RBI’s KYC directions.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Porbandar, Gujarat
- Order Date