India, May 29 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.50 lakh on Kunbi Sahakari Bank Ltd., Mumbai, Maharashtra, through an order dated May 27, 2025, for non-compliance with specific RBI directives under the Supervisory Action Framework (SAF) and guidelines on Know Your Customer (KYC).
The penalty was levied under the powers granted to the RBI by Section 47A(1)(c), read with Sections 46(4)(i) and 56 of the Banking Regulation Act.
The RBI conducted a statutory inspection of the bank based on its financials as of March 31, 2024. Following the inspection, the bank was issued a show cause notice regarding its failure to comply with regulatory directions. After reviewing the bank's response, supplementary submi...