MUMBAI, India, March 3 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated February 27, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Magadh Central Co-operative Bank Limited, Bihar (the bank) for 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 the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Base...