Case Brief
What Happened
RBI, by order dated June 23, 2026, imposed a monetary penalty of ₹1 lakh on The Modern Co-operative Bank Limited, Chalisgaon, Maharashtra. The penalty was based on supervisory findings that the bank breached the prescribed regulatory limit for single borrower exposure and failed to upload customers' KYC records to CKYCR within the prescribed timeline. RBI said the action was taken under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank's reply to the show-cause notice.