RBI imposes monetary penalty on The Government Employees Co-operative Bank Limited, Dharwad, Karnataka

Case Brief

RBI, by order dated July 17, 2025, imposed a monetary penalty of ₹1 lakh on The Government Employees Co-operative Bank Limited, Dharwad, Karnataka. The penalty was levied for non-compliance with RBI directions on Know Your Customer (KYC) and the Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks. RBI said the bank failed to upload customer KYC records to CKYCR within the prescribed timeline and did not implement certain cyber security control measures and requirements. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a statutory inspection and a show-cause process.