RBI imposes monetary penalty on Ranaghat People’s Co-operative Bank Limited, West Bengal

Case Brief

RBI imposed a monetary penalty of ₹5 lakh on Ranaghat People’s Co-operative Bank Limited, West Bengal, after finding non-compliance with directions on Know Your Customer (KYC). During supervisory inspection, RBI found that the bank had failed to upload customers’ KYC records onto the Central KYC Records Registry (CKYCR). The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a show-cause notice and consideration of the bank’s reply and oral submissions.