India, Aug. 7 -- The Reserve Bank of India (RBI) has, by an order dated August 05, 2025, imposed a monetary penalty of Rs.16 lakh (Rupees Sixteen Lakh only) on Andaman & Nicobar State Co-operative Bank Limited (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with 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 BR Act.The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, ...