RBI imposes monetary penalty on Suvarnayug Sahakari Bank Ltd., Pune, Maharashtra
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Suvarnayug Sahakari Bank Ltd., Pune, Maharashtra, following supervisory findings from a statutory inspection as of March 31, 2023. RBI found that the bank had failed to comply with its KYC directions, specifically by not updating customer KYC as required. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
RBI imposed a monetary penalty after a statutory inspection found supervisory non-compliance with RBI directions on KYC. The charge sustained was the bank’s failure to update customer KYC within the prescribed periodicity, in violation of directions issued by RBI; the penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Severity Assessment
This is a monetary penalty of ₹2 lakh, which falls in the lowest monetary band and has no additional operational restriction.
The bank must absorb the monetary penalty and continue complying with RBI’s KYC requirements. The penalty does not by itself invalidate customer transactions, but it signals continued supervisory scrutiny and the possibility of further RBI action if deficiencies persist.
Published as Suvarnayug Sahakari Bank Ltd., Pune, Maharashtra
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