Case Brief
RBI, by order dated March 26, 2025, imposed a monetary penalty of ₹50,000 on The Vellore Co-operative Town Bank Ltd., Tamil Nadu. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following an inspection with reference to the bank's financial position as on March 31, 2024. RBI said the bank had failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline, in breach of RBI directions on KYC.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Vellore, Tamil Nadu
- Order Date