RBI imposes monetary penalty on The Rander People’s Co-operative Bank Ltd., Surat, Gujarat

"On November 04, 2024, the Reserve Bank of India (RBI) imposed a monetary penalty of ₹1.50 lakh on The Rander People's Co-operative Bank Ltd., Surat, Gujarat.

The RBI imposed this penalty for contravention of provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.

The bank had failed to transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, carry out risk-based updation of KYC of its customers, and put in place a system of periodic review of risk categorization of accounts at least once in six months.