RBI imposes monetary penalty on The Chittoor Co-operative Town Bank Ltd., Andhra Pradesh

Case Brief

RBI, by order dated June 23, 2025, imposed a monetary penalty of ₹1 lakh on The Chittoor Co-operative Town Bank Ltd., Andhra Pradesh. The action followed RBI's statutory inspection of the bank with reference to its financial position as on March 31, 2024, and supervisory findings that the bank had breached prudential inter-bank (gross) and counterparty exposure limits and failed to upload KYC records of customers to the Central KYC Records Registry within the prescribed timeline. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.