India, Nov. 21 -- The Reserve Bank of India has imposed a monetary penalty of Rs 50,000 on The Big Kancheepuram Co-operative Town Bank Limited, Tamil Nadu, for non-compliance with RBI's Know Your Customer (KYC) guidelines.
The action follows an inspection of the bank's financial position as of March 31, 2024, which revealed that the bank failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the mandated timeline. After reviewing the bank's response and submissions, RBI confirmed the violation and levied the penalty under the Banking Regulation Act, 1949.
RBI clarified that the penalty pertains solely to regulatory lapses and does not affect the validity of customer transactions or agreements. Further act...