Walchand Nagar Sahakari Bank Ltd

RBI imposed a ₹4 lakh penalty on Walchand Nagar Sahakari Bank Ltd., Pune for KYC Direction violations. The bank had failed to assign UCICs and to periodically review account risk categorisation.

The bank must absorb the penalty and address the compliance gaps identified by RBI, especially around customer identification and ongoing risk review under KYC norms. The action does not impose an operating restriction, but it signals heightened regulatory scrutiny of the bank’s KYC/AML controls.

• section 47 A (1) (c) read with sections 46 (4) (i) and Section 56 of Banking Regulation Act, 1949
• Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016

RBI imposed a small monetary penalty on Walchandnagar Sahakari Bank Ltd., Pune for non-compliance with CIC Act requirements and RBI directions on credit information company membership.

The bank must absorb the monetary penalty and ensure compliance with the CIC Act and RBI directions on credit information company membership going forward. The action does not indicate any operational restriction on depositors or borrowers, but it reinforces the bank's obligation to meet statutory/regulatory compliance requirements.

• Section 25 (1) (iii) read with Section 23 (4) of the CIC Act
• Credit Information Companies (Regulation) Act, 2005 (CIC Act)