The Midnapore People’s Co-operative Bank Ltd., West Bengal

RBI imposed a ₹2 lakh penalty on The Midnapore People’s Co-operative Bank Ltd., West Bengal. The bank was found non-compliant with exposure norms and KYC directions.

The bank must absorb the monetary penalty and address the compliance gaps identified by RBI, especially around exposure limit monitoring and KYC/risk-categorization processes. The release does not impose a new operational restriction, but it signals supervisory scrutiny over the bank’s lending/exposure and customer due diligence controls.

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

RBI imposed a ₹1.5 lakh penalty on The Midnapore Peoples’ Co-operative Bank Ltd. for KYC/AML-related violations. The bank had responded to a show-cause notice, but RBI found the breaches substantiated.

The bank must absorb the monetary penalty; the release does not describe a suspension, restriction, or withdrawal of permissions. The forward-looking impact is primarily compliance-related, reinforcing the need to adhere to KYC/AML/CFT and PMLA requirements.

• Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)