Recorded RBI impact
Fine: Rs 1.40 L
Monetary penalty · Fresh imposition
Published by RBI
16 Oct 2025
Case Brief
RBI, by order dated September 24, 2025, imposed a monetary penalty on The Begusarai Central Co-operative Bank Limited, Begusarai, Bihar for non-compliance with RBI directions on Know Your Customer (KYC). The bank was found to have failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following supervisory findings and after considering the bank’s reply and oral submissions.
Why RBI Acted
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after supervisory findings showed non-compliance with RBI directions on Know Your Customer (KYC). The sustained charge was that the bank had not uploaded customers’ KYC records to CKYCR within the prescribed timeline.
Operating Impact
The bank must absorb the monetary penalty and remain compliant with RBI’s KYC requirements, especially timely CKYCR uploads. The release does not indicate any operational restriction, but RBI has noted that further action may still be initiated separately.
Regulatory Basis
- Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 1.40 L
- Order Date
- 24 Sept 2025
- Effective From
- 24 Sept 2025
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank