India, Sept. 11 -- The Reserve Bank of India (RBI), by an order dated September 08, 2025, has imposed a monetary penalty of Rs 50,000 (Rupees Fifty Thousand only) on Sikkim State Co-operative Bank Ltd. for non-compliance with certain RBI directions on 'Know Your Customer (KYC)'. The penalty has been imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence, a notice was issued to the bank to show cause why a penalty should...