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(20/07/2026 18:39)

RBI imposes Rs 3 Lakh Penalty on United Puri-Nimapara Central Co-operative Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 lakh on The United Puri-Nimapara Central Co-operative Bank Ltd., Odisha, for non-compliance with Know Your Customer (KYC) norms.

The penalty follows a NABARD statutory inspection based on the bank's financial position as of March 31, 2025. RBI found that the bank had failed to upload customers' KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline.

The central bank clarified that the penalty is for regulatory compliance lapses and does not affect the validity of any transactions undertaken by the bank with its customers.
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