Case Brief
RBI, by an order dated July 14, 2025, imposed a monetary penalty of Rs 2.10 lakh on Thane District Central Co-operative Bank Ltd., Thane, Maharashtra. The penalty was imposed after supervisory findings and a statutory inspection by NABARD revealed non-compliance with RBI's Know Your Customer (KYC) directions, including the bank's failure to maintain a system for periodic updation of customer KYC as required. The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after the bank's reply, additional submissions, and oral submissions were considered.
Action Snapshot
- Primary Impact
- Fine: Rs 2.10 L
- Entity Type
- Co-operative bank
- Location
- Thane, Maharashtra