Case Brief
By an order dated March 20, 2026, RBI imposed a monetary penalty of ₹1 lakh on The Mysore and Chamarajnagar District Co-operative Central Bank Limited, Karnataka. The penalty was imposed after NABARD's statutory inspection and subsequent proceedings found contravention of Section 19 read with Section 56 of the Banking Regulation Act, 1949 and non-compliance with RBI directions on Know Your Customer (KYC). RBI recorded that the bank held shares in a co-operative society in contravention of the BR Act and failed to upload customer KYC records to CKYCR within the prescribed timeline.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Karnataka