The Magadh Central Co-operative Bank Limited, Bihar

RBI imposed a ₹1 lakh penalty on The Magadh Central Co-operative Bank Limited, Bihar for non-compliance with KYC directions. The bank failed to periodically review account risk categorisation every six months.

The bank must absorb the penalty and address the KYC control deficiency identified by RBI. The action does not itself impose an operational restriction, but it signals supervisory non-compliance and may be followed by further regulatory action if lapses persist.

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

RBI imposed a ₹5 lakh penalty on Magadh Central Co-operative Bank Ltd., Gaya. The penalty was for violation related to submission of statutory returns.

The bank must absorb the monetary penalty, but the release does not mention any operational restriction or licence action. The immediate impact is financial and compliance-related, centered on reporting obligations and statutory return submission.

• Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949
• Section 27 of the B.R.Act, 1949 (AACS)