MUMBAI, India, June 3 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated May 30, 2025, imposed a monetary penalty of ₹6.00 lakh (Rupees Six Lakh only) on The Citizen Co-operative Bank Ltd., Noida (the bank) for contravention of the provisions of Section 12B read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC)'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of BR Act.
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on Mar...