Case Brief
What Happened
RBI, by order dated April 10, 2026, imposed a monetary penalty of ₹7,50,000 on The Himachal Pradesh State Co-operative Bank Ltd., Himachal Pradesh for non-compliance with RBI directions on Know Your Customer (KYC). The bank was found to have failed to put in place a system for periodic review of the risk categorisation of accounts at least once in six months. The penalty was imposed after a show-cause process and personal hearing, under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.