Case Brief
The Reserve Bank of India imposed a monetary penalty on The Nanded District Central Co-operative Bank Ltd., Maharashtra after supervisory examination and follow-up proceedings found breaches of RBI directions. RBI said the bank had not complied with directions on KYC and membership of Credit Information Companies by co-operative banks, including failing to deploy a robust software system to flag suspicious transactions and failing to furnish borrower credit information to all four CICs. The penalty was imposed under the Banking Regulation Act and the Credit Information Companies (Regulation) Act.
Action Snapshot
- Primary Impact
- Fine: Rs 45,000
- Entity Type
- Co-operative bank
- Location
- Nanded, Maharashtra