India, May 27 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.10 lakh on Murshidabad District Central Co-operative Bank Ltd., West Bengal, for non-compliance with regulatory guidelines related to Know Your Customer (KYC) norms and membership with Credit Information Companies (CICs).
In an official order dated May 22, 2025, the central bank stated that the penalty was levied under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, as well as Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
The action follows a statutory inspection carried out by NABARD based on the bank's financial position as of March 31...