Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on Yes Bank Limited by order dated April 27, 2026, after supervisory inspection findings showed non-compliance with RBI directions on Know Your Customer. RBI found that the bank had not put in place a system to use the KYC Identifier assigned by the Central KYC Records Registry for establishing account-based relationships with customers. The penalty was imposed under section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.