Recorded RBI impact
Fine: Rs 5.00 L
Monetary penalty · Fresh imposition
Published by RBI
16 Oct 2025
Case Brief
RBI imposed a monetary penalty of ₹5 lakh on Ranaghat People’s Co-operative Bank Limited, West Bengal, after finding non-compliance with directions on Know Your Customer (KYC). During supervisory inspection, RBI found that the bank had failed to upload customers’ KYC records onto the Central KYC Records Registry (CKYCR). The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a show-cause notice and consideration of the bank’s reply and oral submissions.
Why RBI Acted
RBI imposed a monetary penalty after its statutory inspection and supervisory findings showed non-compliance with RBI directions on Know Your Customer (KYC). The sustained charge was that the bank failed to upload the KYC records of customers onto the Central KYC Records Registry (CKYCR). The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Operating Impact
The bank must absorb the monetary penalty and continue complying with RBI’s KYC directions, including proper CKYCR uploads for customer records. The order does not itself invalidate transactions, but it signals continuing supervisory scrutiny and the possibility of further regulatory action if deficiencies persist.
Regulatory Basis
- Section 47A(1)(c)
- Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 5.00 L
- Order Date
- 24 Sept 2025
- Effective From
- 24 Sept 2025
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank