RBI Imposes ₹5 Lakh Penalty on The Monghyr-Jamui Central Co-operative Bank Limited for CKYCR Non-Compliance

Statutory Inspection & Regulatory Trigger

The enforcement action—executed through an official RBI order dated September 25, 2026—originated from a statutory inspection of the district central co-operative bank conducted by the National Bank for Agriculture and Rural Development (NABARD). The supervisory examination evaluated the bank’s governance, compliance, and financial position as on March 31, 2026.

Based on supervisory findings of non-compliance with RBI directions and related correspondence, the central bank issued a formal show-cause notice advising the bank to explain why a monetary penalty should not be imposed for its failure to adhere to statutory KYC mandates.

Specific Sustained Charge: CKYCR Upload Lapses

After reviewing the bank’s written reply, additional submissions, and oral representations made during a personal hearing, the RBI determined that the following regulatory violation was sustained, warranting a monetary penalty: