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(20/07/2026 18:46)

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 its Know Your Customer (KYC) guidelines.

The action 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 stipulated timeline.

The regulator clarified that the penalty is based on regulatory compliance deficiencies and does not affect the validity of any transactions or agreements entered into by the bank with its customers.
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