Bhilai Nagrik Sahakari Bank Maryadit, Bhilai

RBI imposed a ₹50,000 penalty on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai, for KYC non-compliance. The bank had failed to periodically update customer KYC as required.

The bank must pay the monetary penalty and address the KYC control weakness identified by RBI. Forward-looking, it needs to ensure periodic KYC updation at the prescribed intervals to avoid further regulatory action; customers are affected only insofar as account maintenance and compliance processes must be tightened.

• section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949

RBI imposed a ₹1.5 lakh penalty on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai for violation of KYC norms. The bank had replied to a show-cause notice, but RBI found the violations substantiated.

The bank must absorb the monetary penalty; the release does not state any additional operational restriction or deadline. The action is a compliance sanction tied to KYC adherence, but it does not indicate suspension of business or customer-facing limitations.

• Section 47 A (1) (b) read with Section 46 (2) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)