The Bihar State Co-operative Bank Limited, Patna

RBI imposed a ₹60.20 lakh penalty on The Bihar State Co-operative Bank Limited, Patna. The action was for multiple compliance failures covering KYC, customer service, statutory reporting, CIC data submission, and off-site surveillance returns.

The bank must absorb the monetary penalty and address the cited compliance weaknesses. Going forward, it remains responsible for timely statutory filings, proper suspicious transaction monitoring, CIC data submission, and implementing customer service and grievance redressal controls to avoid further supervisory action. The immediate impact is financial and supervisory rather than an operating ban.

• sections 24(3), 26 and 27(1) read with section 56 of the Banking Regulation Act, 1949
• the Banking Regulation (Co-operative Societies) Rules, 1966
• the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016

+5 more in the case brief

RBI imposed a ₹5 lakh penalty on The Bihar State Co-operative Bank Ltd., Patna for non-compliance with NABARD’s fraud monitoring and reporting directions.

The bank must absorb the penalty and continue operating, but the order signals regulatory scrutiny over its fraud monitoring and reporting compliance. No depositors or customers are directly restricted by this action, though the bank may need to strengthen internal compliance controls to avoid further supervisory action.

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