Case Brief
What Happened
By an order dated January 03, 2025, RBI imposed a monetary penalty of ₹50,000 on The Sivakasi Co-operative Urban Bank Limited, Tamil Nadu for non-compliance with RBI directions on KYC. The action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. RBI stated that the sustained charge was the bank’s failure to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline, based on supervisory findings from an inspection with reference to the bank’s financial position as on March 31, 2023.