Case Brief
RBI imposed a monetary penalty of ₹5.50 lakh on The Ghatal Peoples Co-operative Bank Limited, West Bengal, after a statutory inspection found breaches of RBI’s KYC directions. The bank had not carried out periodic review of risk categorisation of customer accounts at least once every six months and had not uploaded KYC records to CKYCR within the prescribed timeline. RBI said the action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, and was based on supervisory findings of regulatory non-compliance.
Action Snapshot
- Primary Impact
- Fine: Rs 5.50 L
- Entity Type
- Co-operative bank
- Location
- Ghatal, West Bengal
- Order Date