The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹55 lakh on Indian Bank for non-compliance with certain provisions of the RBI (Know Your Customer (KYC)) Directions, 2016. The penalty has been imposed under Section 47A (1)(c) read with Sections 46 (4)(i) and 51 (1) of the Banking Regulation Act, 1949, following deficiencies observed in regulatory compliance.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.10 lakh on Kolkata Police Co-operative Bank Ltd., Kolkata, West Bengal for non-compliance with provisions of the RBI (Know Your Customer (KYC)) Directions, 2016. The penalty has been levied under Section 47A (1)(c) read with Sections 46 (4)(i) and 56 of the Banking Regulation Act, 1949, following the bank’s failure to adhere to RBI directives.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh on Shri Ganesh Sahakari Bank Ltd., Navi Sangvi, Pune, for non-compliance with directions on Know Your Customer (KYC) norms and Maintenance of Deposit Accounts. The penalty was levied under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.10 lakh on Mehsana District Central Co-operative Bank Ltd., Mehsana (Gujarat) for contravention of directions related to Know Your Customer (KYC) norms and Membership of Credit Information Companies (CICs) by Co-operative Banks. The penalty has been levied under Section 47A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 and Section 25 (1) (iii) read with Section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.

Shri Shaktikanta Das, Governor of the Reserve Bank of India (RBI), today laid the foundation stone for a “Greenfield Data Centre” and “Enterprise Computing & Cybersecurity Training Institute” in Bhubaneswar, Odisha.