The Ghatal Peoples Co-operative Bank Limited

RBI imposed a ₹5.50 lakh penalty on The Ghatal Peoples Co-operative Bank Limited for KYC compliance lapses. The bank failed to periodically review account risk categorisation and upload KYC records on time.

The bank must bear the monetary penalty and remain compliant with RBI’s KYC framework going forward. The release notes that the penalty is without prejudice to any other action RBI may initiate, so the bank may still face further supervisory or enforcement action if issues persist.

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

RBI imposed a monetary penalty of ₹1.50 lakh on The Ghatal Peoples Co-operative Bank Limited, West Bengal. The penalty was for multiple compliance failures relating to CIC reporting, exposure norms, KYC/risk review, and the Depositor Education and Awareness Fund.

The bank must bear the ₹1.50 lakh penalty, but the release does not impose any new operational restriction or suspension. The action serves as a compliance-enforcement measure and highlights deficiencies in reporting, exposure management, KYC/risk monitoring, and fund transfer obligations; customers are not said to be directly affected beyond the regulatory finding.

• Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the BR Act
• Section 25 (1) (iii) read with Section 23 (4) of the Credit Information Companies (Regulation) Act, 2005
• section 26-A of the Banking Regulation Act, 1949