Case Brief
RBI, by order dated September 08, 2025, imposed a monetary penalty of ₹50,000 on Sikkim State Co-operative Bank Ltd. for non-compliance with RBI directions on Know Your Customer (KYC). The action followed a NABARD statutory inspection and a show-cause process in which RBI sustained the charge that the bank failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) 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.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Sikkim
- Order Date