Murshidabad District Central Co-operative Bank Ltd., West Bengal

RBI imposed a monetary penalty after supervisory inspection findings showed the bank had not complied with RBI directions on Know Your Customer (KYC) and membership of Credit Information Companies by co-operative banks. The sustained charges included failure to review customer risk categorisation at least once in six months, failure to periodically update customer KYC, and failure to furnish credit information of borrowers to three Credit Information Companies. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.

The bank must absorb the monetary penalty and address the compliance lapses identified by RBI, especially around KYC refresh, risk categorisation review, and borrower credit reporting to CICs. The release does not announce any operational restriction, but RBI notes that further action may still be initiated separately.