Case Brief
By an order dated March 11, 2026, RBI imposed a monetary penalty of ₹50,000 on Walchandnagar Sahakari Bank Ltd., Walchandnagar, Maharashtra under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The penalty followed a statutory inspection and supervisory findings that the bank had not complied with RBI directions on KYC. Specifically, RBI found that the bank failed to put in place a system for periodic review of the risk categorisation of accounts, with the review required at least once in six months. RBI noted that the action was based on regulatory compliance deficiencies and did not pronounce on the validity of any customer transaction or agreement.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Walchandnagar, Maharashtra