RBI Imposes Monetary Fine on Cooperative Bank: Regulatory Compliance Insights
The RBI has fined Jilla Sahakari Bank ₹1.15 lakh for non-compliance with CIC and KYC directives, highlighting the ongoing focus on robust regulatory compliance in India's cooperative banking sector.
On September 9, 2026, the Reserve Bank of India (RBI) imposed a monetary fine of ₹1.15 lakh on Jilla Sahakari Bank Ltd., based in Azamgarh, Uttar Pradesh, for non-compliance with Credit Information Companies (CICs) and Know Your Customer (KYC) directives. This action underscores the RBI’s commitment to enforcing stringent regulatory compliance within the cooperative banking sector of India. The fine was imposed after a supervisory review revealed deficiencies in reporting credit information to CICs and failure to upload KYC records onto the Central KYC Records Registry (CKYCR) by the prescribed deadlines. While this penalty is not intended to affect any existing transactions, it serves as a warning for other banks regarding the importance of adhering to regulatory requirements.
Source: Reserve Bank of India