Case Brief
By an order dated June 24, 2025, RBI imposed a monetary penalty of ₹50,000 on Saibaba Nagari Sahakari Bank Maryadit, Sailu, Maharashtra. The action followed a statutory inspection with reference to the bank’s financial position as on March 31, 2024, which found non-compliance with RBI KYC directions. RBI held that the bank had failed to upload certain customers’ KYC records to the CKYCR within the prescribed time and had not carried out periodic updation of KYC for certain customers as required. The penalty was imposed 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
- Sailu, Maharashtra